Governor Eric J. Holcomb Wednesday announced a significant expansion of the Indiana Small Business Restart Grant that will add $60 million to the program, tripling the total allocation, and allow small businesses to seek reimbursement for eligible expenses incurred between March 1, 2020, and May 1, 2021.
The program, which was first announced in May 2020, is designed to accelerate the speed of economic recovery by providing working capital to Indiana’s entrepreneurs and small business owners. The state issued $34.5 million in grants through the first iteration of the program and is now adding another $60 million in federal dollars made available through the CARES Act and approved for allocation by the Indiana General Assembly.
Small businesses that meet the eligibility requirements can apply for reimbursement of qualified business expenses incurred at their Indiana operations between March 1, 2020, and May 1, 2021. These qualified expenses include payroll – which may be reimbursed up to 100% – and non-payroll expenses, such as insurance premiums, rent or mortgage payments, utilities, lease payments, food delivery software service payments, and safety investments – which may be reimbursed up to 80%.
Reimbursements may be awarded up to $10,000 for each month but may not exceed $50,000 over a 12-month period.
Eligibility details are available on the WTCA website at am1050.com.