Gov. Holcomb Approves Small Business Restart Fund
Gov. Holcomb approved $30 million in federal funding made available through the CARES Act to 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. Eligible Indiana small businesses can seek reimbursement for up to 80% of qualified 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.
- 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
- Business must not have used funding from the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), or Community Development Block Grant (CDBG)
Small businesses that meet the eligibility requirements can be awarded up to $2,500 or up to $5,000 for each month in which the business demonstrates a revenue loss of at least 40 percent or of at least 80 percent, respectively, with grants issued up to $10,000 per company. Of the $30 million allocated to the fund, at least $5 million will be reserved for certified minority and women-owned businesses.
To better prepare the necessary information for the application, small businesses are encouraged to pull together the following documentation:
- 2019 State of Indiana Tax Return or Form 1040, Schedule C (if sole proprietorship)
- Monthly Profit and Loss Statement (2019 and 2020)
- Expense documentation if planning to use funding for:
- Copy of paid mortgage statement or lease agreement
- Copy of paid utility bills
- Lease payment receipts for real or personal property
- Receipt for safety improvements/PPE
Applications opened June 3, 2020 and close September 30, 2020.
We recognize that these are difficult times and we remain committed to supporting you. If you would like our assistance with evaluating whether the PPP or other small business loan programs and/or economic relief measures are appropriate for you, please contact us.