Application period extended for business grants

Governor Eric Holcomb has announced an extended application period for the Indiana Small Business Restart Grant, enabling small businesses in all 92 counties to apply for recovery funding through Jan. 22.

The state also will implement changes to eligibility criteria and reimbursement categories to increase the number of small businesses utilizing the program and to increase the amount that businesses may be qualified to receive.

Key changes to the program include:

• Small businesses with between 51 and 75 full-time associates are now eligible to apply.
• Eligible businesses may now seek reimbursement for payroll and verified insurance premium payments.
• Eligible businesses in all counties may seek reimbursement for qualified expenses incurred between March and December 2020, extending the time period from Nov. 1 (for Marion County) and Dec. 1 (for all other counties).

By extending the program, eligible small businesses that have not received the maximum award of $50,000 (maximum of $10,000 for an individual month) may now seek reimbursement for business expenses such as payroll (for W2 employees only), verified insurance premium payments, rent/mortgage payments (for owner-occupied property only), utilities, lease payments for real or personal property, and safety investments, incurred to support their Indiana operations.

Small businesses that meet the eligibility requirements can apply for reimbursement of up to 80 percent of qualified business expenses between March and December 2020. Reimbursements may be awarded up to $10,000 for each month during that time period in which the business demonstrates a revenue loss of at least 30 percent.

Grants will be issued up to $50,000 per company and will be issued in the order in which applications are received until funding is exhausted.

Eligibility criteria:

• Businesses must have been established prior to Oct. 1, 2019.
• Businesses must be registered to operate in Indiana and must be seeking reimbursement for expenses related to their Indiana operations.
• Businesses must have had fewer than 75 full-time employees as of Dec. 31, 2019.
• Businesses must have been profitable in 2019 and have had less than $5 million in revenue in 2019.
• Businesses must demonstrate a monthly revenue loss of at least 30 percent compared to pre-COVID-19 revenues.
• Businesses must be in good standing with the Indiana Department of Revenue or have a DOR-approved payment plan.

Previous applications will not be reviewed retroactively, so small businesses that may now be eligible — or may be eligible for additional reimbursement — with these changes will need to resubmit application materials.

The application is available at backontrack.in.gov.