INDIANAPOLIS — Gov. Eric Holcomb has announced an extended application period for the Indiana Small Business Restart Grant, enabling small businesses throughout the state to apply for recovery funding through Jan. 22.
During this period, the state will also implement several changes to eligibility criteria and reimbursement categories to increase the number of small businesses taking advantage of the program and to increase the award amount that eligible businesses may 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 of Indiana’s 92 counties may seek reimbursement for qualified expenses incurred between March and December 2020.
According to a news release, the program’s extension will allow eligible small businesses that have not received the maximum award of $50,000 (maximum of $10,000 for an individual month) to seek reimbursement for qualified business expenses, such as payroll, verified insurance premium payments, rent/mortgage payments, utilities, lease payments for real or personal property, and safety investments.
Small businesses that meet eligibility requirements can apply for reimbursement of up to 80% of qualified business expenses incurred between March and December 2020. Reimbursements for expenses 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%.
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.