In April 2021, Indiana announced an expansion of the Small Business Restart Fund (“Grant”) to help accelerate economic recovery activity by supporting Hoosier entrepreneurs and small businesses. The program provides working capital to eligible companies by reimbursing certain expenses incurred during and related to the global pandemic.
In order to qualify for the grant, the applicant must meet all the following requirements:
- The applicant must have been established prior to October 1, 2019.
- The applicant must be registered to operate in Indiana.
- The applicant must have less than 100 employees as of December 31, 2019.
- The applicant must have been profitable in 2019. Profitability is determined by earnings before interest, taxes, depreciation, and amortization.
- The applicant must have less than $10 million in revenue in 2019.
- The applicant must demonstrate a monthly revenue loss of at least 30% compared to pre-COVID-19 revenues.
Expenses covered by another CARES Act-supported program such as PPP, EIDL, or from a local government entity (CDBG) may not also be reimbursed by this grant. Funding received from other CARES Act programs, with exception of EIDL Loans, will be added to a business’ revenue and may impact eligibility or reimbursement in impacted months.
An eligible business can seek reimbursement for up to 80% of certain expenses (such as rent, utilities, lease payments, insurance premiums or PPE), or 100% of payroll expenses for each month during which the business experienced revenue loss of 30%. The same reimbursement maximums apply (up to $10,000 for each month during the eligibility period of March 1, 2020 – May 1, 2021) and businesses may not receive more than $50,000 total in a 12-month period across both first and second round programs.
Please reach out to your Somerset advisor at 317.472.2200 or with any questions.