(BEDFORD) – In May, Gov. Holcomb approved funding to support Indiana Small Business Restart Grants, helping accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic.
The program is funded at $31 million by federal funding made available through the CARES Act – $30 million approved by the state and an additional $1 million allocated by the city of Indianapolis for small businesses located in Marion County.
Of the state’s $30 million, at least $5 million is reserved for certified minority- and women-owned businesses.
Through the program, eligible Indiana small businesses can seek reimbursement for qualified business expenses, such as payroll (for W2 employees only), insurance premiums, rent/mortgage payments (for owner-occupied property only), utilities, lease payments for real or personal property, and safety investments, such as personal protective equipment (PPE) and infrastructure improvements.
Key changes to the program include:
- Small businesses with between 51-75 full-time associates are now eligible to apply.
- Eligible businesses may now seek reimbursement for payroll and verified insurance premium payments.
- Eligible businesses may seek reimbursement for qualified expenses incurred between March-December 2020, extending the time period from November 1 (for Marion County) and December 1 (for all other counties)
Second Round of PPP Loans Announced
On December 27, 2020, new legislation was enacted to extend the life of a vital program available to Main Street businesses: the Paycheck Protection Program (PPP).
This new legislation creates a second round of PPP loans for eligible businesses, makes new businesses eligible for a first-time PPP loan (as well as a second-draw loan), and makes other key programming changes.
A key programming change expands eligibility for PPP to certain 501(c)(6) organizations.
Below are two summaries produced by Sen. Braun’s office to help you digest the actions taken by Congress and the Administration.
Additional information can be found here:
New Resource for Women-Owned Small Businesses – ASCENT program launch with SBA Administrator Jovita Carranza on Jan 7
Join SBA Administrator Jovita Carranza for the ground-breaking launch of Ascent, the online digital learning platform for women small business owners.
Ascent is the first-of-its-kind online resource specifically designed to help the nearly 10 million American women entrepreneurs grow and scale their small business.
All content is backed by research on the needs of empowering women business owners and female entrepreneurs.
This virtual event will include discussion panels with real women entrepreneurs, success stories leaders, and a take a look into how the Ascent platform can help you on your small business journey.
Discussions will include small business solutions to Disaster and Economic Recovery, Strategic Marketing, Your People, Business Financial Strategies, and Access to Capital.
Though ASCENT is a platform for women, anyone can join and learn in this entrepreneurial space.
Links to the livestream will be emailed upon registration.