Indiana Gov. Eric Holcomb on Thursday announced a significant expansion of the Indiana Small Business Restart Grant that will add $60 million to the program, tripling the total allocation, and allow small businesses to seek reimbursement for eligible expenses incurred between March 1, 2020, and May 1, 2021.
The program, which was first announced in May 2020, is designed to accelerate the speed of economic recovery by providing working capital to Indiana’s entrepreneurs and small business owners. The state issued $34.5 million in grants through the first iteration of the program and is now adding another $60 million in federal dollars made available through the CARES Act and approved for allocation by the Indiana General Assembly.
“I’m grateful to the Indiana General Assembly for their supportive collaboration that made it possible to extend this program for Hoosier entrepreneurs,” said Holcomb. “The Small Business Restart Grant program has already done a tremendous amount to get small businesses back on track, and this extended relief funding will continue accelerating our economy’s recovery.”
The application, along with additional details on who is eligible, is available at backontrack.in.gov. Eligible small businesses have until Dec. 31 to apply but are encouraged not to wait because grants will be issued in the order the requests are received until funding is exhausted.