IEDC Loosens Requirements for Restart Program

(photo courtesy of NFIB)

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The state is updating eligibility requirements for small businesses to receive federal pandemic relief funding. Our partners at WIBC report the Indiana Economic Development Corp. still has $30 million in CARES Act funding to provide grants before the deadline at the end of the year.

The IEDC has approved $55 million in funding to nearly 3,000 businesses thus far. Vice President Mark Wasky tells WIBC the maximum amount a business can receive has been doubled to $100,000, allowing some businesses that are still struggling, but previously reached the cap to apply for more funding.

Additionally, the IEDC has extended the time frame for which losses are covered under the program. Previously, businesses could only use funding to cover losses through May 1; that has been changed to October 31. Sole proprietors can now also seek reimbursement for revenue they would have received in a normal year.

You can learn more about the Small Business Restart Grant program by clicking here.