Small Businesses Eligible for Grants up to $50,000
Additional relief from the impact of the COVID-19 pandemic will soon be on the way to Hoosier small businesses, as Gov. Eric Holcomb signed a bill creating a grant program that extends and expands existing aid.
House Bill 1004, received unanimous support in the Senate, where funding was doubled, and then House lawmakers agreed with those changes by a 94-3 vote in early April.
The legislation will provide grants of $10,000 per month to small businesses, with a maximum award of $50,000. The funding could reimburse businesses for up to 80% of non-payroll expenses and 100% of payroll expenses between March 1, 2020, and April 1, 2021.
To qualify, a business must have fewer than 100 employees, gross revenue of less than $10 million in 2019 and prove a monthly gross revenue loss of at least 30%.
The program, administered by the Indiana Economic Development Corp., will be established to continue the small business grant program that Holcomb’s administration set up in June with Coronavirus Aid, Relief and Economic Security Act (CARES) funding.