Friday, June 5, 2020
Indiana recently announced an additional resource to help small businesses recover in the wake of the COVID-19 pandemic. This grant program, the Small Business Restart Fund, will provide assistance for businesses that were not able to receive funding from the federal Paycheck Protection Program.
$30 million of the money Indiana received through the CARES Act will be made available for qualifying businesses. This program allows businesses to seek reimbursement for up to 80% of qualified expenses, such as rent or mortgage payments, utilities, lease payments for real or personal property, and safety investments, like personal protective equipment and infrastructure improvements.
Businesses applying for this grant money must have fewer than 50 employees and made less than $5 million in revenue in 2019. Depending on the amount of revenue lost due to the pandemic, businesses could potentially receive up to $5,000 for every month they were negatively affected. Of the $30 million allocated to the fund, at least $5 million will be reserved for certified minority-owned or women-owned businesses. To view the full list of requirements and to apply for this program, click here.
The more than 500,000 small businesses in Indiana are the backbone of our economy. Getting these Hoosier-owned operations back up and running is critical to restoring commerce in our communities. For more information on business resources, as well as other topics, visit IndianaSenateRepublicans.com/covid-19.