Governor 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.
- 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 business are encouraged to ready 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
*Applicants will be asked to authorize the Indiana Economic Development Corporation to access their 2019 State of Indiana Tax Returns or Form 1040, Schedule C (if sole proprietorship) from the Indiana Department of Revenue. Applicants that have not yet filed 2019 returns are encouraged to do so by the July 15, 2020, deadline prior to applying for an Indiana Small Business Restart Grant.
Businesses needing assistance compiling this documentation can contact the nearest Indiana Small Business Development Center office. If you need further assistance, please contact your Somerset advisor at 317-472-2200 or for consultation.