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State wants to give $29 million in restart grants to Indiana small businesses
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State wants to give $29 million in restart grants to Indiana small businesses

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Indiana still looking to distribute $29 million in small business restart grants

Gov. Eric Holcomb is extending Indiana's Small Business Restart Grant program until Dec. 1 in the hope of getting more money in the hands of Hoosier companies struggling to stay afloat amid the COVID-19 pandemic.

The state of Indiana still has nearly $29 million available to distribute as grants to small businesses hit hard by the COVID-19 pandemic.

Gov. Eric Holcomb announced this week he is extending the Small Business Restart Grant program until Dec. 1 in the hope of getting more money in the hands of Hoosier companies struggling to stay afloat.

The program awards up to a maximum of $10,000 to reimburse eligible business expenses, such as rent or mortgage payments, utilities, lease payments and safety investments.

To qualify, businesses must be registered to operate in Indiana, have turned a profit last year, and had fewer than 50 employees on Dec. 31, 2019, and less than $5 million in 2019 revenue.

Businesses also must demonstrate a monthly revenue loss of at least 40% compared to pre-COVID-19 revenue to be eligible for a grant.

As of Monday, the restart grant money even is available to companies that have received other federal COVID-19 relief funding, including the Paycheck Protection Program, Economic Injury Disaster Loans and Community Development Block Grants.

"To restart Indiana's economic engine, it's critical that we provide Hoosier businesses and entrepreneurs with the support they need to grow and get back on track," Holcomb said.

Additional program details and the grant application are available online at BackOnTrack.in.gov.

Since June 3, Indiana has distributed grants totaling $1.01 million to 246 small businesses in 83 counties, including $178,200 (17.5%) to 46 certified minority-owned businesses and 58 certified women-owned businesses.

Prior grant recipients also now are eligible to reapply for additional support until they hit the $10,000 cap.

According to the Indiana Economic Development Corp., money for the state's restart grant comes from the federal government through the CARES Act.

Information on support, resources and other funding available to Hoosier entrepreneurs and small businesses is available online at StayINBiz.org.

WATCH NOW: Gov. Holcomb COVID-19 press conference for Sept. 23, 2020

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