What other funding is available?

For more small business resources and funding options, visit StayInBiz.org.

Frequently Asked Questions

• Program Overview

  Q: What is the Small Business Restart Fund?
  A: The Small Business Restart Fund, recommended by Indiana’s Economic Relief and Recovery Team, was approved by Gov. Holcomb, making 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 the global COVID-19 pandemic.

  Q: How much funding will eligible small businesses receive?
  A: For the extended application period (Dec. 21, 2020-Jan. 22, 2021), eligible small businesses may receive up to 80% reimbursement for qualified expenses incurred between March- December 2020 in each month in which the business can demonstrate a revenue loss of at least 30% compared to 2019 Gross Receipts or Sales average. Reimbursements will be issued up to $10,000 for each month, and the maximum amount a business can receive is $50,000. Please note that the program reimburses expenses only and not lost revenue.

  Q: What types of costs are eligible for reimbursement?
  A: Eligible small businesses may seek reimbursement for qualified, documented expenses not previously covered by other federal programs, including: such as payroll (for W2 employees only), insurance, rent/mortgage payments (for owner-occupied property only), utilities, lease payments for real or personal property, restaurants food delivery software services (including but not limited to GrubHub, DoorDash, Uber Eats, etc) and safety investments, such as personal protective equipment (PPE) and infrastructure improvements, related to the health and safety of employees and/or customers. Non-owner occupied business property expenses are not eligible for the Restart Grant. 

  Q: How has the program changed?
  A: The Small Business Restart Grant program has been adjusted since launching in early June due to various reasons, and most notably to ensure more Hoosier small businesses are able to leverage this recovery funding. Changes made prior to the extended application period (Dec. 21, 2020-Jan. 1, 2021) include:

  • As of Sept. 21, 2020, small businesses that have received economic relief funding through federal programs, including the Paycheck Protection Program, Economic Industry Disaster Loans, and Community Development Block Grants, are now eligible to apply. Expenses covered by another Cares Act supported program such as PPP, EIDL, or from a local government entity (CDBG) may not also be reimbursed by this grant.
  • As of Nov. 4, 2020, reimbursements for expenses may be awarded up to $10,000 per month, up to the maximum award of $50,000 which includes any previous Indiana Small Business Restart Grant awards, for each month in which the business demonstrates a revenue loss of at least 30%.
  • As of Nov. 4, 2020, the maximum reimbursement amount per company is increased to $50,000 from $20,000.
  • As of Dec. 21, 2020, there is an extended application period through Jan. 22, 2021, at 5 p.m. EST. The state also implemented a number of changes: increasing small business eligibility from 50 to 75 full-time employees; adding payroll and insurance premium payments as qualified expenses; and adding November (for Marion County) and December (for all counties) expenses as qualified expenses that may be reimbursed.

  Q: How are program updates being implemented?
  A: Program updates will not be retroactively applied. If you want your business, application and/or supporting documentation to be reviewed under the new guidelines, please reapply. If you have been approved and have received grant funding, but have not met the $50,000 maximum award, you may submit additional documentation for expenses incurred, but not previously covered under other Federal programs, during March-December.

• Eligibility

  Q: Who is eligible to apply?
  A: Indiana small businesses with fewer than 100 full-time employees, or equivalent, and have had less than $10 million in Gross Receipts or Sales revenue that have experienced a 30% drop in revenue (compared to 2019 Gross Receipts or Sales average) due to the pandemic will be eligible to apply for small business restart grants. Full eligibility requirements:

  • Registered Indiana Businesses:
    • Business must have been established prior to Oct. 1, 2019
    • Business must be registered to operate in Indiana, except sole proprietors, and must be seeking reimbursement for expenses related only to their Indiana operations, excluding expenses previously covered by other federal programs.
    • Must be in good standing with the Indiana Department of Revenue (DOR) or have a DOR-approved payment plan
  • Size:
    • Business must have had less than 100 full-time employees, or equivalent, as of Dec. 31, 2019
    • Business must have been profitable and have had less than $10 million in revenue (Gross Receipts or Sales) in 2019; profitability is determined by EBITDA
  • Revenue Loss:
    • Businesses must demonstrate a monthly revenue loss of at least 30% compared to pre-COVID 2019 average monthly revenue; Calculated as 2019 Gross Receipts or Sales / number of months in operation in 2019

  Eligible businesses will be required to provide documentation of paid eligible expenses not previously covered by other Federal programs (mortgage, lease, utilities, rent, PPE, insurance premium, payroll) for reimbursement. The program does not reimburse revenue loss, only qualified expenses.

  Q: Are nonprofit organizations eligible for small business restart grants?
  A: No, nonprofit organizations are not eligible for small business restart grants.

  Q: Are small businesses without an Indiana Secretary of State identification number, such as sole proprietors, eligible for small business restart grants?
  A: Yes, these entities are able to apply for small business restart grants provided they meet the eligibility requirements and can provide certification documentation as requested. Small businesses without an Indiana Secretary of State identification number should apply using an Employer Identification Number (EIN). If you do not have one, you may apply for one online: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online.

  Q: What does it mean to be ‘in good standing’ with the Indiana Department of Revenue?
  A: Businesses in good standing with the Indiana Department of Revenue do not have an existing tax liability with the state.

• Application

  Q: What type of information and documentation is needed to apply?
  Eligible small businesses will need to provide related documentation for expenses not previously covered by other Federal programs they are seeking reimbursement for, such as:

  • Copy of mortgage, rental, or lease agreement(s)
  • Mortgage, Rental, or Lease payments for real or personal property
  • Copy of utility bills or billing statements
  • *Receipt for safety improvements/PPE
  • Proof of payroll expenses for wages paid to W2 employees only (This requires a Form 940, 941, or 944, and proof of payment, such as: copies of paystubs, cancelled payroll checks, payroll service reports, bank activity reports or statements, etc.)
  • Proof of insurance premium payment (this may include: certificate of insurance and cancelled checks, provider payment history or reports, and bank activity reports or statements)
  • Copy of receipts/bills for restaurant delivery software expenses

  Q: Where do I find my Indiana Secretary of State identification number?
  A: Please visit INBiz, Indiana’s one-stop resource for registering and managing your business, to locate your identification number: https://bsd.sos.in.gov/publicbusinesssearch.

  Q: I submitted an application. What happens next?
  A: Businesses will receive an email confirming receipt of the application. Please check your spam folder and/or add this email to your contacts to ensure you receive communications. If you never received a confirmation email, please reach out to insmallbizrestart@iedc.in.gov to confirm application submission.

  All applications for small business restart grants will be reviewed and verified by representatives of the Indiana Economic Development Corporation.

  Q: How long will it take to be approved?
  A: We plan to review applications and notify applicants of their grant award status (approval or denial) within 14-21 days of receiving the completed application and required documentation. For new applications received during the extended period (Dec. 21,2020-Jan. 22,2021), please note that the timeline may fluctuate and that the review process is expected to be longer based on anticipated demand.

  Q: My business was approved for a grant. What happens next?
  A: After your small business restart grant is approved, it will move to processing, and you will be asked to choose whether you want your grant to be issued via wire or check. Our goal is to have an IEDC third-party disbursement partner send funds within 3-5 days of receiving your executed grant agreement, but please understand that timing may fluctuate based on current capacity.

• Documentation

  Q: I have not yet filed taxes yet for 2019. Can I utilize a 2018 Federal Tax Return instead?
  A: No. Eligibility criteria for grants is, among other things, based on 2019 Gross Receipts and Sales revenues and EBITDA positive figure, so businesses must be able to demonstrate 2019 figures. Businesses are encouraged to first file corporate tax returns and payments prior to applying for a small business restart grant. Sole proprietor or home-based businesses must submit their full IRS 1040 along with all schedules.

  Q: My type of business entity does not submit State of Indiana Tax Returns (i.e. Sole Proprietor). Can I utilize a personal tax return instead?
  A: Yes, personal tax returns may be used as verification so long as it captures your business revenue.

  Q: How many months worth of expense documentation (i.e. paid mortgage statements, utility bills, lease payments for real or personal property) do I need to submit?
  A: Small businesses may be reimbursed for eligible expenses incurred between March - December 2020, and documentation of such expenses will need to be submitted for each month in which the business is seeking reimbursement. 

  Q: I don’t have access to some of the required documentation and/or I need help gathering required documentation for the application. Who can help?
  A: Please contact the Indiana Small Business Development Center nearest to you to meet with an advisor at no cost. Visit isbdc.org for a list of regional offices.

Restart Grant Recipients

List as of Oct. 7, 2020. This will be updated