Indiana has recently announced a new business grant that is available to certain small Indiana companies that have not taken advantage of the federal Paycheck Protection Program (PPP) or other similar programs. Beginning on June 3, 2020 and through September 30, 2020, businesses with less than 50 employees can seek reimbursement for up to 80% of qualified expenses courtesy of the Small Business Restart Fund. Qualified expenses under this program include rent/mortgage payments, utilities, lease payments for real or personal property and health and safety investments such as personal protective equipment and infrastructure improvements.
Eligible businesses can receive up to $2,500 or $5,000 for each month you experienced a revenue loss of at least 40% or 80% (respectively) for up to $10,000 in grants per business. According to the State of Indiana website, at least $5 million of the $30 million within the fund is reserved for certified minority and women-owned businesses.
Please submit your application if you qualify. To be eligible, your company must:
- Be registered to operate in Indiana
- Have had less than 50 employees as of December 31, 2019
- Have had less than $5 million in revenue in 2019
- Have been profitable in 2019
- Demonstrate a monthly revenue loss of at least 40% compared to pre-COVID-19 revenues
- Not have used funding from the PPP loan, Economic Injury Disaster Loan (EIDL) or a Community Development Block Grant (CDBG)
Indiana has also provided other benefits including extending income tax filings and payments to July 15th and the expiration of registered retail sales tax merchant certificates to June 30th. For more resources on Indiana assistance during the COVID-19 pandemic, please visit the Indiana Development Center site.
If you have any additional questions please contact your Sikich advisor or visit Sikich’s COVID-19 Resource Center for more in-depth resources to help guide your company successfully through this crisis.