Indiana’s Restart Grants Extend Through January

Photo source: https://backontrack.in.gov/

The Restart Grant, formally known as the Small Business Restart Fund, has been extended through January 22, 2021 at 5PM EST. This fund was originally approved in May, and closed earlier this fall. The purpose of the Restart Grants were to assist in the economic recovery for those affected by the COVID-19 Pandemic, through approved CARES Act money. Indiana’s eligible small businesses can utilize these funds for reimbursement of qualifying business expenses - up to 80%. These qualified expenses include payroll, insurance premiums, rent or mortgage payments, personal protective equipment (i.e. hand sanitizer, gloves, masks, disinfectant sprays, and any other qualifying infrastructure improvements.

Eligible small businesses may be awarded up to $50,000, in a first. come first served manner, based on eligibility. They must show that they’ve had at least a 30% loss in revenue during this pandemic.

During the first round of Restart Grants, some qualifying businesses received grants up to $20,000. The Grant Program is funded by $31 million in CARES Act money, so with the extension businesses are encouraged to act fast, as once the money is gone, the program will come to an end.

Businesses that apply must meet the eligibility requirements, being they are an Indiana-based business established prior to October 2019 and operate with less than 75 full-time employees. Businesses must also show that they have been profitable in the past, making under $5 million in 2019, but show a proven revenue loss of 30% since the pandemic.

If you believe your venue or small business is eligible for the extended application, you can find more information, and the full application, here.

A full FAQ sheet can be found, here, and additional funding opportunities, here.