Posted on

Bill supporting small business recovery heads to governor

Bill supporting small business recovery heads to governor Bill supporting small business recovery heads to governor

Legislation supporting jobs, employers and economic recovery by investing $60 million to expand the Hoosier Hospitality Small Business Restart Grant Program could soon be law, according to State Rep. Karen Engleman, R-Georgetown.

“The Hoosier Hospitality Small Business Restart Grant Program can help the small businesses that have struggled over the last year,” Engleman said. “Eligible businesses could receive funds to pay expenses and keep their doors open.”

Engleman said many businesses throughout the state have been negatively impacted by the pandemic, especially those in the tourism and hospitality industry, with the National Restaurant Association reporting Indiana restaurant sales dropping 37% from August 2019 to 2020. This legislation would provide eligible small businesses a grant to cover a portion of business and payroll-related expenses.

If signed into law, eligible recipients would include those whose revenue is $10 million a year or less, fewer than 100 employees as of Dec. 31, 2019, and they must show average monthly gross revenue loss of at least 30%. Grants couldn’t be more than $50,000 to any individual business.

Eligible small businesses may apply until Dec. 31 but are encouraged to apply and submit expenses for reimbursement as soon as possible, as grants will be issued in the order they are received until funding is exhausted.

Engleman said this grant program would be an extension of the already existing Small Business Restart Program and would continue to be administered by the Indiana Economic Development Corp. Originally, the program was started with federal COVID-19 relief dollars.

For more information about the grant program, visit backontrack.in.gov.

House Enrolled Act 1004 heads to the governor for consideration as a new law. For more information, visit iga.in.gov.

Share

LATEST NEWS