June 4, 2020 at 4:32 p.m.
Help available for businesses
Help available for businesses
Help is available for Indiana small businesses.
And help is available locally to apply for that help.
Indiana Gov. Eric Holcomb on Friday announced that the state would be making about $37 million available to small businesses and manufacturers in the form of grants and investments to help cover expenses related to the coronavirus pandemic.
“To restart Indiana’s economic engine, it’s critical that we provide Hoosier businesses and entrepreneurs with the support they need to grow and get back on track,” Holcomb said in a press release. “These initiatives will ensure that two critical drivers of our state’s economy have access to resources and technological tools that allow them to continue competing and leading in the 21st century economy, while further positioning our state for long-term economic growth.”
The online application form for the program went live Wednesday, and Ami Huffman of Jay County Community Development has offered to assist local business owners with the process.
To apply, business owners will need to provide their 2019 Indiana tax return, monthly profit and loss statements for 2019 and 2020, and other information based on what specifically the grant money would cover.
“If you need help, let me know,” said Huffman, who can be contacted via email at [email protected].
The state has made $30 million in federal funding from the CARES Act available through the Small Business Restart Fund.
Eligible businesses — those that did not receive funding through the Payroll Protection Program — must have fewer than 50 employees and less than $5 million in annual revenue while being profitable in the past fiscal year.
The program can provide up to $2,500 per month for a business that saw a revenue loss of at least 40 percent and up to $5,000 per month for a business that saw a revenue drop of up to 80 percent.
There is a cap of $10,000 per business.
The money can be used to cover a variety of operational expenses.
“If you had to pay your mortgages or anything like that, you could count that in,” said Huffman. “It lists … utilities, mortgages, lease payments for real or personal property, safety improvements you had to implement.
“All of those things count.”
Businesses that were forced to close because of the pandemic are likely to qualify, she said.
She added that businesses that are still limited to lower capacities, such as restaurants, may continue to qualify even though they have reopened.
Holcomb’s announcement last week also included $10 million to launch the Economic Activity Stabilization and Enhancement program to support technology and operational advancements in the manufacturing industry.
Another $3.7 million will go to help provide counseling and training through Indiana Small Business Development Center, nearly doubling its annual federal funding.
And help is available locally to apply for that help.
Indiana Gov. Eric Holcomb on Friday announced that the state would be making about $37 million available to small businesses and manufacturers in the form of grants and investments to help cover expenses related to the coronavirus pandemic.
“To restart Indiana’s economic engine, it’s critical that we provide Hoosier businesses and entrepreneurs with the support they need to grow and get back on track,” Holcomb said in a press release. “These initiatives will ensure that two critical drivers of our state’s economy have access to resources and technological tools that allow them to continue competing and leading in the 21st century economy, while further positioning our state for long-term economic growth.”
The online application form for the program went live Wednesday, and Ami Huffman of Jay County Community Development has offered to assist local business owners with the process.
To apply, business owners will need to provide their 2019 Indiana tax return, monthly profit and loss statements for 2019 and 2020, and other information based on what specifically the grant money would cover.
“If you need help, let me know,” said Huffman, who can be contacted via email at [email protected].
The state has made $30 million in federal funding from the CARES Act available through the Small Business Restart Fund.
Eligible businesses — those that did not receive funding through the Payroll Protection Program — must have fewer than 50 employees and less than $5 million in annual revenue while being profitable in the past fiscal year.
The program can provide up to $2,500 per month for a business that saw a revenue loss of at least 40 percent and up to $5,000 per month for a business that saw a revenue drop of up to 80 percent.
There is a cap of $10,000 per business.
The money can be used to cover a variety of operational expenses.
“If you had to pay your mortgages or anything like that, you could count that in,” said Huffman. “It lists … utilities, mortgages, lease payments for real or personal property, safety improvements you had to implement.
“All of those things count.”
Businesses that were forced to close because of the pandemic are likely to qualify, she said.
She added that businesses that are still limited to lower capacities, such as restaurants, may continue to qualify even though they have reopened.
Holcomb’s announcement last week also included $10 million to launch the Economic Activity Stabilization and Enhancement program to support technology and operational advancements in the manufacturing industry.
Another $3.7 million will go to help provide counseling and training through Indiana Small Business Development Center, nearly doubling its annual federal funding.
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