Indiana Announces Small Business Restart Fund Grants

By Roxanne Coffelt |

Business Evaluation Services Indiana

.The state of Indiana has recently made 30 million of CARES Act money available to small businesses in the form of grants.  The grants are for businesses that have lost revenue as a result of COVID-19 to pay certain expenses.  In order to qualify, a business must meet the following criteria:

  • Business must be registered to operate in Indiana
  • Business must have had less than 50 employees at 12/31/2019
  • Business must have had less than $5 million in revenue in 2019
  • Business must have been profitable in 2019
  • Businesses must demonstrate a monthly revenue loss of at least 40% compared to pre-COVID-19 revenues
  • Business must not have used funding from the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), or Community Development Block Grant (CDBG)

Qualified businesses are eligible to receive grants of up to $2500 per month for each month their revenues have dropped at least 40%, and up to $5,000 per month if they have dropped 80% or more.  The maximum grant is $10,000 per company.

Qualified expenses include rent, mortgage payments, utilities, lease payments, safety equipment, and infrastructure improvements.

Roxanne Coffelt CPA LLC is pleased that this will help some of the truly small businesses, many of whom need help but missed out on the earlier programs.

For more information and an application, please click here.