The state of Indiana is extending the applying deadline for its Small Enterprise Restart Grant, and altering the eligibility and reimbursement pointers, to allow extra coronavirus-impacted enterprises to benefit from the $30 million program.
Gov. Eric Holcomb lately introduced small companies in all 92 counties, together with Northwest Indiana, are eligible to use for the COVID-19 restoration funding grants via Jan. 22, 2021.
As well as, companies with between 51 and 75 full-time associates can now apply, payroll and insurance coverage premium funds are eligible for reimbursement, and reimbursable bills could have been incurred as much as Dec. 1.
“To restart Indiana’s financial engine, it’s important that we offer Hoosier companies and entrepreneurs with the help they should develop and get again on observe,” Holcomb mentioned.
The grant program awards as much as a most of $50,000 to reimburse eligible enterprise bills, comparable to hire or mortgage funds, utilities, lease funds and security investments, along with payroll and insurance coverage premiums.
To qualify, companies should be registered to function in Indiana, be in good standing with the Division of Income, have turned a revenue final yr, and have had fewer than 75 staff on Dec. 31, 2019 and fewer than $5 million in 2019 income.
Companies additionally should exhibit a month-to-month income lack of not less than 30% in comparison with pre-COVID-19 income to be eligible for a grant.
The restart grant cash is out there to corporations which have acquired different federal COVID-19 reduction funding, together with the Paycheck Safety Program, Financial Harm Catastrophe Loans and Group Improvement Block Grants, in line with the governor’s workplace.
Further program particulars and the grant utility can be found on-line at BackOnTrack.in.gov.
Since June 3, Indiana has distributed grants totaling $7.04 million to 892 small companies, together with $817,400 (11.6%) to 130 licensed minority-owned, woman-owned or veteran-owned companies, information present.
Prior grant recipients additionally now are eligible to reapply for extra help till they hit the $50,000 cap.
Based on the Indiana Financial Improvement Corp., cash for the state’s restart grant comes from the federal authorities via the CARES Act.
Data on help, sources and different funding accessible to Hoosier entrepreneurs and small companies is out there on-line at StayINBiz.org.