Earlier this year, the Indiana Economic Development Corp. announced an expansion of a program to help small businesses recover from the pandemic–The Indiana Small Business Restart Grant program.

Through the program, small businesses that meet the eligibility requirements can apply for reimbursement for qualified business expenses incurred between March 1, 2020, and October 31, 2021.

Eligible Reimbursable Categories

May be reimbursed up to 100%:

• Payroll
• Sole proprietor net profit reduction

May be reimbursed up to 80%:

• Insurance premiums
• Rent or mortgage payments
• Lease payments for real or personal property
• Utilities
• Safety investments
• Food delivery software service payments

Eligibility Requirements

To be eligible for the program, businesses must:

• Have been established prior to Oct. 1, 2019;
• Be registered to operate in Indiana, except sole proprietors, and must be seeking reimbursement for expenses related to their Indiana operations;
• Be in good standing with the Indiana Department of Revenue (DOR) or have a DOR-approved payment plan;
• Have had fewer than 100 full-time employees as of Dec. 31, 2019;
• Have been profitable in 2019 (determined by EBITDA) and have had less than $10 million (Gross Receipts or Sales) in revenue in 2019; and
• Demonstrate a monthly gross revenue loss of at least 30% compared to pre-COVID-19 revenues (average monthly revenue in 2019).

 

To learn more about this program, visit the Back On Track Indiana website or reach out to your trusted MCM relationship contact.