Statewide – Governor Eric J. Holcomb announced a significant expansion of the Indiana Small Business Restart Grant that will add $60 million to the program, tripling the total allocation, and allow small businesses to seek reimbursement for eligible expenses incurred between March 1, 2020, and May 1, 2021.
Small businesses that meet the eligibility requirements can apply for reimbursement of qualified business expenses incurred at their Indiana operations between March 1, 2020, and May 1, 2021. These qualified expenses include payroll – which may be reimbursed up to 100% – and non-payroll expenses, such as insurance premiums, rent or mortgage payments, utilities, lease payments, food delivery software service payments, and safety investments, which may be reimbursed up to 80%.
Reimbursements may be awarded up to $10,000 for each month, but may not exceed $50,000 over a 12-month period. Businesses that have already received Small Business Restart Grants, but have not reached the maximum reimbursements, may re-apply and submit new expenses (that have not already been reimbursed through the program) for reimbursement.
Registered Indiana businesses must:
• Have been established prior to Oct. 1, 2019;
• Be registered to operate in Indiana, except sole proprietors, and must be seeking reimbursement for expenses related to their Indiana operations;
• Be in good standing with the Indiana Department of Revenue (DOR) or have a DOR-approved payment plan;
• Have had fewer than 100 full-time employees as of Dec. 31, 2019;
• Have been profitable in 2019 (determined by EBITDA) and have had less than $10 million (Gross Receipts or Sales) in revenue in 2019; and
• Demonstrate a monthly gross revenue loss of at least 30% compared to pre-COVID-19 revenues (average monthly revenue in 2019).
The application, along with additional details and instructions, is available at backontrack.in.gov. Eligible small businesses may apply until Dec. 31, 2021, but are encouraged to apply and submit expenses for reimbursement as soon as possible, as grants will be issued in the order they are received until funding is exhausted.