This funding allows for small businesses to have access to restart grants, which will help “accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic.”
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(Indianapolis, Ind.) – Indiana Governor Eric Holcomb approved $30 million in federal funding through the CARES Act that will assist small businesses across the Hoosier state.
This funding allows for small businesses to have access to restart grants, which will help “accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic.”
To be eligible for this funding, Indiana small businesses must have fewer than 50 employees and $5 million in annual revenue that saw at least a 40% drop in revenue. These businesses will be reimbursed for up to 80% of qualified expenses, such as:
- Rent or mortgage payments
- Lease payments for real or personal property
- Safety investments (personal protective equipment and infrastructure improvements)
- Utilities
Eligible small businesses that can demonstrate a revenue loss of at least 40% will be awarded up to $2,500 for each month. Small businesses that demonstrate a revenue loss of 80% will be awarded up to $5,000 for each month. Grants will be issued up to $10,000 per company.
At least $5 million of the $30 million will be reserved for certified businesses owned by minorities and women.
More information can be found here.
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