INDIANAPOLIS — The Indiana Small Business Development Center is expanding its restart grant program.
In April 2021, the state 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.
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.
The deadline for applying is Dec.31, 2021; however 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
- Business must have been established prior to Oct. 1, 2019.
- Business must be registered to operate in Indiana, except sole proprietors, and must be seeking reimbursement for expenses related only to their Indiana operations.
- Must be in good standing with the Indiana Department of Revenue (DOR) or have a DOR-approved payment plan.
- Business must have had fewer than 100 full-time employees as of Dec. 31, 2019.
- Business must have been profitable and have had less than $10 million in revenue (Gross Receipts or Sales) in 2019; profitability is determined by EBITDA.
- Businesses must demonstrate a monthly revenue loss of at least 30% compared to pre-COVID 2019 average monthly revenue. Revenue loss is 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.