Application Period Open to Nov. 1, 2020 (businesses located in Marion County) or Dec. 1, 2020 (businesses located outside of Marion County)
The Small Business Restart Fund approved by Governor Holcomb was designed to help accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global COVID-19 pandemic. This fund originally came out in May, but the recent change made it more appealing to certain small businesses. Companies that received federal programs such as the PPP or SBA grants were originally not allowed to take advantage of this, but that has recently changed. Now small businesses that received funding from federal programs (PPP, SBA grants, etc.) are able to apply for the Indiana Small Business Restart Fund.
Small businesses can get a grant for up to $20,000 to be used to pay for their rent/mortgage payments, utilities, lease payments for real or personal property, safety investments, or other health related improvements for safety of employees and/or customers.
The following requirements must be met to qualify for the grant:
- Must be registered in Indiana
- Have less than 50 employees as of December 31, 2019
- Have less than $5 million in revenues in 2019
- Must have been profitable in 2019
- Be able to demonstrate a monthly revenue loss of at least 30% compared to pre-COVID-19 revenues
- Must be in good standing with the Indiana Department of Revenue of have a DOR-approved payment plan
Questions? Please reach out at any time using our Contact Us form or give us a call at 847-956-1040.
