Indiana adds $60 million supporting small businesses
In April 2021, Indiana announced an expansion of the Indiana Small Business Restart 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.
Please read through all grant details, eligibility requirements and frequently asked questions below before applying.
- Small businesses that meet the eligibility requirements can apply for reimbursement for qualified business expenses incurred between March 1, 2020 and May 1, 2021.
- Reimbursements for expenses may be awarded up to $10,000 for each month during that period. However, reimbursements may not exceed $50,000 over a 12-month period.
- Businesses that have already received Small Business Restart Grants – but have not reached the maximum reimbursements noted above – may re-apply during this expanded program. Expenses that were already reimbursed through this program will not be considered eligible expenses.
- Eligible businesses may apply for grant funding to cover qualified expenses incurred at their Indiana operations, such as payroll, insurance premiums, rent or mortgage payments, utilities, lease payments, and safety investments. These expenses may be reimbursed up to 80% for non-payroll expenses and up to 100% for payroll expenses.
- The program may give preference to Hoosier small businesses in the hospitality industry, but all eligible businesses are encouraged to apply.
- The deadline for applying is December 31, 2021. Eligible small businesses are encouraged to apply and submit expenses for reimbursement as soon as possible; grants will be issued in the order in which applications are received until funding is exhausted or until the program expires.
Registered Indiana businesses must:
- Have been established prior to October 1, 2019.
- Be registered to operate in Indiana, except sole proprietors, and must be seeking reimbursement for expenses related only to their Indiana operations.
- Be in good standing with the Indiana Department of Revenue or have entered into a payment plan approved by the Indiana Department of Revenue.
- Have had fewer than 100 full time employees as of December 31, 2019.
- Have been profitable and have had less than $10 million in revenue (Gross Receipts or Sales) in 2019; profitability is determined by EBITDA.
- Demonstrate a monthly gross revenue loss of at least 30% compared to pre-COVID 2019 average monthly revenue; revenue loss calculated as 2019 Gross Receipts or Sales/number of months in operation in 2019.
May be reimbursed up to 100%:
May be reimbursed up to 80%:
- Insurance premiums
- Rent or mortgage payments
- Lease payments for real or personal property
- Safety investments
- Food delivery software service payments
Small businesses may find additional information and apply on the Back On Track website.