Governor Eric Holcomb has extended the application period for the Indiana Small Business Restart Grant program. Holcomb’s office says Hoosier small businesses in all 92 counties can apply for recovery funding through January 22.
Eligible businesses can now apply for reimbursement of up to 80% of qualified business expenses incurred between March through December 2020.
Holcomb’s office says the state is also implementing several changes to eligibility criteria and reimbursement categories. The changes are an effort to increase the number of small businesses utilizing the program and to increase the award amount that eligible businesses may be qualified to receive.
Key changes to the program include:
- Small businesses with between 51-75 full-time associates are now eligible to apply
- Eligible businesses may now seek reimbursement for payroll and verified insurance premium payments
- Eligible businesses may seek reimbursement for qualified expenses incurred between March-December 2020, extending the time period from November 1 (for Marion County) and December 1 (for all other counties)
By extending the program, Holcomb’s office says eligible businesses that have not received the maximum award of $50,000 can now seek reimbursement for qualified business expenses, which includes payroll and insurance premiums as well as rent and mortgage payments.
Reimbursements for expenses may be awarded up to $10,000 for each month during the new time period in which the business can prove a revenue loss of at least 30%.
To be eligible, Holcomb’s office says businesses must meet the criteria below:
- Businesses must have been established prior to October 1, 2019
- Businesses must be registered to operate in Indiana, and must be seeking reimbursement for expenses related to their Indiana operations
- Businesses must have had less than 75 full-time employees as of December 31, 2019
- Businesses must have been profitable in 2019 and have had less than $5 million in revenue in 2019
- Businesses must demonstrate a monthly revenue loss of at least 30% compared to pre-COVID-19 revenues
- Businesses must be in good standing with the Indiana Department of Revenue or have a DOR-approved payment plan
According to Holcomb’s office, eligible businesses must apply by January 22, 2021 at 5 p.m.
You can connect to the application and additional details by clicking here.