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Small Business Restart Fund

The Small Business Restart Fund, which was approved by Governor Holcomb in May, makes federal funding received through the CARES Act available to small businesses to help accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to COVID-19. Eligible Indiana small businesses can seek reimbursement for qualified business expenses. This includes rent/mortgage payments, lease payments for real or personal property, utilities, and safety investments. The program is funded at $31 million, and of the $30 million approved by the state, at least $5 million will be reserved specifically for certified minority- and women-owned businesses.

Eligible businesses can apply for reimbursement of up to 80% of qualified business expenses incurred between March – November 2020. Reimbursements will be granted at a maximum of $2,500 per month for businesses with a demonstrated revenue loss of at least 40%, or at a maximum of $5,000 per month for businesses with a demonstrated revenue loss of at least 80%. Grants will be issued up to $10,000 per company.

Eligibility requirements include:

  • Registered to operate in IN
  • Less than 50 employees as of 12/31/19
  • Less than $5M in revenue for 2019
  • Must have been profitable in 2019
  • Must have a revenue loss of 40%+ compared to pre-COVID revenues
  • Be in good standing with the IDR

The Program deadline for eligible small businesses is November 1, 2020 for businesses in Marion County and December 1, 2020 for businesses outside of Marion County. Applicants will know within 14 days of submission whether or not they have been approved or denied. If approved, funds will be provided to the taxpayer within 3 – 5 business days.

Small businesses are encouraged to prepare the following documentation for the application:

  • Monthly Profit and Loss Statement (2019 and 2020)
  • 2019 State of Indiana Tax Returns (or Form 1040, Schedule C if sole proprietorship)
  • IRS 1040, including all schedules, for home-based businesses
  • Expense documentation for relevant expenses if planning to submit for reimbursement:
    • Copy of mortgage statement or lease agreement
    • Copy of utility bills; invoices accepted
    • Lease payment for real or personal property
    • Receipt for safety improvements/PPE

Businesses that received a funding through the Paycheck Protection Program, Economic Industry Disaster Loans, or Community Development Block Grant, are now eligible to apply.

For further details, click here to learn more about the Small Business Restart Fund and click here to access the application. Please don’t hesitate to reach out to our office with questions regarding this program.