INDIANAPOLIS, Ind. (WTWO/WAWV) – Friday, Indiana officials announced nearly $44 million dollars in economic recovery efforts.
This includes the launch of a new program designed to assist small businesses impacted by the pandemic.
Governor Eric Holcomb has approved $30 million dollars from the federal cares act to support small businesses through grants.
The grant program is being called the Small Business Restart Grant fund.
Officials say the grants are intended to accelerate the speed of Indiana’s economic recovery.
The program is designed for businesses unable to receive funding from the federal Paycheck Protection loan program.
Small businesses with less than 50 employees, that make less than 5 million dollars in revenue, are eligible for a restart grant.
For businesses with a 40 percent drop in revenue, they will be eligible to be reimbursed for up to 80 percent of expenses.
These expenses include rent, mortgage payments, and safety investments such as PPE.
Eligible small businesses that demonstrate a revenue loss of at least 40% will be awarded up to $2,500 for each month while small businesses that demonstrate a revenue loss of at least 80% will be awarded up to $5,000 for each month, with grants issued up to $10,000 per company. Of the $30 million allocated to the fund, at least $5 million will be reserved for certified minority- and women-owned businesses.
Although the start of this program, state leaders are still encouraging businesses to apply for PPP loans before seeking assistance through a restart grant.
“Please look at applying for the Paycheck Protection Loan Program, it’s a great program and again it’s a grant that you don’t have to pay back if you keep your employees retained. So we want to maximize those so that we can maximize this start up program for small businesses to those that are not eligible for the Paycheck Protection Program,” said Jim Schellinger, Indiana secretary of commerce.
State officials also announced that $10 million dollars will be used to start the Economic Activity Stabilization and Enhancement program.
The program is designed to support advances in the state’s manufacturing industry.
“These programs will launch later this year and are intended to be long-term solutions for the state’s manufacturing industry,” said Luke Bosso, Indiana Economic Development Corporation chief of staff.
Schellinger says as the pandemic continues that the state’s economic leaders are standing ready to assist businesses.
“We’re excited about this program and we’re here for you to continue to help you thrive during these very very tough and challenging times,” Schellinger said.
Over $3 million dollars will also be allocated to increase services through Indiana’s Small Business Development Center.
Officials say the Small Business Restart Grant Fund will begin next week, to find out more: https://backontrack.in.gov/