A new small business state grant program gets underway today, June 3rd in Indiana.

Governor Eric Holcomb approved $30 million in federal funding, which is made available through the CARES Act to small business restart grants. These will help accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic.

Eligible Indiana small businesses can seek reimbursement for up to 80 percent of qualified expenses. Small Business Restart Grants can be issued in amounts of up to $10,000 per business. Of the $30 million allocated to the fund, at least $5 million will be reserved for certified minority and women owned businesses.

To be eligible, a business must be registered to operate in Indiana; it must also have had less than 50 employees as of December 31 of 2019; and it must have been profitable in 2019.

In addition, the business must demonstrate a monthly revenue loss of at least 40 percent compared to pre-COVID-19 revenues. Businesses must not have used funding from the Paycheck Protection Program; Economic Injury Disaster Loan or a Community Development Block Grant.

For more detailed information and to apply, you can visit the Small Business Restart Grant Program website at backontrack.in.gov.