In May, Gov. Holcomb approved funding to support Indiana Small Business Restart Grants, helping accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic. The program is funded at $31 million by federal funding made available through the CARES Act – $30 million approved by the state and an additional $1 million allocated by the city of Indianapolis for small businesses located in Marion County. Of the state’s $30 million, at least $5 million is reserved for certified minority- and women-owned businesses.
Through the program, eligible Indiana small businesses can seek reimbursement for qualified business expenses, such as rent/mortgage payments, utilities, lease payments for real or personal property, and safety investments, such as personal protective equipment (PPE) and infrastructure improvements.
Small businesses that meet the eligibility requirements can apply for reimbursement of up to 80% of qualified business expenses incurred between March-November 2020. Reimbursements for expenses may be awarded up to $2,500 or up to $5,000 for each month during that time period in which the business demonstrates a revenue loss of at least 40% or of at least 80%, respectively.
Grants will be issued up to $10,000 per company and will be issued in the order in which applications are received until funding is exhausted.
- Business must be registered to operate in Indiana
- Business must have had less than 50 employees at of 12/31/2019
- Business must have had less than $5 million in revenue in 2019
- Business must have been profitable in 2019
- Businesses must demonstrate a monthly revenue loss of at least 40% compared to pre-COVID-19 revenues
- Must be in good standing with the Indiana Department of Revenue (DOR) or have a DOR-approved payment plan
- Nov. 1, 2020, for eligible small businesses located in Marion County, or until funding is exhausted
- Dec. 1, 2020, for eligible small businesses located in Indiana outside of Marion County, or until funding is exhausted
*As of Sept. 21, 2020, small businesses that have received economic relief funding through federal programs, including the Paycheck Protection Program, Economic Industry Disaster Loans, and Community Development Block Grants, are now eligible to apply. Non-payroll expenses covered by another Cares Act supported program such as PPP, EIDL, or from a local government entity (CDBG) may not also be reimbursed by this grant.
To prepare the necessary information for the application, small businesses are encouraged to ready the following documentation:
- *Monthly Profit and Loss Statement (2019 and 2020)
- Expense documentation for relevant expenses if planning to submit for reimbursement:
- Copy of mortgage statement or lease agreement
- Copy of utility bills; invoices accepted
- Lease payment for real or personal property
- *Receipt for safety improvements/PPE
*Please view the FAQs below for detailed instruction on 1.) how to format and submit profit and loss statements, and 2.) documentation requirements for submitting safety improvements/PPE expenses for reimbursement.
Applicants will be asked to authorize the Indiana Economic Development Corporation to access their 2019 State of Indiana Tax Returns or Form 1040, Schedule C (if sole proprietorship), from the Indiana Department of Revenue. Applicants that have not yet filed 2019 returns are encouraged to do so prior to applying for an Indiana Small Business Restart Grant. Home-based businesses must submit their full IRS 1040 along with all schedules.
Businesses needing assistance compiling this documentation can contact the nearest Indiana Small Business Development Center (SBDC) office.