IEDC loosens requirements for restart program
INDIANAPOLIS (Inside INdiana Business) — The state is updating eligibility requirements for small businesses to receive federal pandemic relief funding. Our partners at WIBC report the Indiana Economic Development Corp. still has $30 million in CARES Act funding to provide Small Business Restart Grants before the deadline at the end of the year.
The IEDC has approved $55 million in funding to nearly 3,000 businesses thus far. Vice President Mark Wasky tells WIBC the maximum amount a business can receive has been doubled to $100,000, allowing some businesses that are still struggling, but previously reached the cap to apply for more funding.
Additionally, the IEDC has extended the time frame for which losses are covered under the program. Previously, businesses could only use funding to cover losses through May 1; that has been changed to Oct. 31. Sole proprietors can now also seek reimbursement for revenue they would have received in a normal year.
This grant is available for small businesses established prior to Oct. 1, 2019, that were negatively impacted by the coronavirus pandemic. Companies must also be registered to operate in Indiana; have had fewer than 100 full time employees as of Dec. 31, 2019; have had less than $10 million in revenue (gross receipts or sales) in 2019; and demonstrate a monthly gross revenue loss during the eligibility period of at least 30% compared to pre-COVID 2019 average monthly gross revenue.
An virtual seminar on Zoom at 1 p.m. Oct. 26 will explain the benefits and application process of the Small Business Restart Grant. Those interested can join the meeting by visiting https://butleru.zoom.us/j/95672601131 at 1 p.m. Tuesday.
The deadline to apply for the grant is Nov. 15.
Eligible expenses for reimbursement include:
- Payroll.
- Sole proprietor net profit reduction.
- Insurance premiums.
- Rent or mortgage payments.
- Lease payments for real or personal property.
- Utilities.
- Safety investments.
- Food delivery software service payments.
You can learn more about the Small Business Restart Grant program by going to the state’s webpage about it.