Small businesses are a vital part of the Hoosier economy, and the pandemic created many hardships throughout the last year. Employers have worked diligently to keep their doors open and made large investments to keep employees and customers safe. Some are still trying to make ends meet.
To help speed that recovery, a new law expands the Hoosier Hospitality Small Business Restart Grant Program to provide more small businesses a chance to recoup some of their losses.
This grant program is an extension of the already existing Small Business Restart Program and would continue to be administered by the Indiana Economic Development Corp.
Originally, the program was started with federal COVID-19 relief dollars and issued $34.5 million in grants. Through the CARES Act, an additional $60 million has been made available.
Eligible recipients include those whose revenue is $10 million a year or less, with fewer than 100 employees as of Dec. 31, 2019, and they must show average monthly gross revenue loss of at least 30%. Grants cannot be more than $50,000 to any individual business.
Small businesses may apply until Dec. 31, 2021, but are encouraged to apply and submit expenses for reimbursement as soon as possible, as grants will be issued in the order they are received until funding is exhausted.
For more information about the grant program, visit backontrack.in.gov.