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Time Is Running Out to Apply for an Indiana Small Business Restart Grant

November 2, 2021

KSM

The Indiana Small Business Restart Grant was originally established in June 2020 with federal funding from the Coronavirus Aid, Relief, and Economic Security (CARES) Act and infused with additional funding from Indiana in April 2021. Indiana recently expanded the program by allowing sole proprietors to participate, extending the eligibility period, and increasing the amount of the maximum grant from $50,000 to $100,000. Businesses that previously received a grant from this program are eligible to reapply to receive additional funding up to the $100,000 maximum. However, the deadline to apply for this program is Nov. 15, 2021.

Businesses that meet the eligibility requirements (provided below) can apply for reimbursements for qualified expenses incurred between March 1, 2020, and Oct. 31, 2021 (the eligibility period). Reimbursements for qualified expenses and sole proprietor net profit reductions may be awarded up to $10,000 for each month during the eligibility period for a maximum potential grant of $100,000. Qualified expenses, such as payroll, insurance premiums, rent or mortgage payments, utilities, lease payments, and safety investments, may be reimbursed up to 80% for non-payroll expenses and up to 100% for payroll expenses and sole proprietor net profit reductions.

Eligible businesses are those that meet the following criteria:

  • Have been established prior to Oct. 1, 2019, are registered to operate in Indiana (except sole proprietors), and are seeking reimbursement for expenses related only to their Indiana operations
  • Had fewer than 100 full-time employees as of Dec. 31, 2019
  • Are in good standing with the Indiana Department of Revenue (or entered into an approved payment plan)
  • Were profitable (determined by earnings before interest, taxes, depreciation, and amortization, also known as EBITDA) and had less than $10 million in gross revenue in 2019
  • Can demonstrate monthly gross revenue loss of at least 30% when comparing gross revenue of a month during the eligibility period with the average monthly gross receipts of 2019

Eligible businesses should apply as soon as possible as grants will be allocated on a first-come, first-served basis until the fund is exhausted. Expenses covered by another federal grant program, such as the Paycheck Protection Program, do not qualify for reimbursement. Additional information related to this program can be found here.

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