(INDIANAPOLIS) – Indiana is widening eligibility for small-business pandemic relief, to avoid leaving federal grant money unspent.
Indiana received $85 million for business “restart grants” from last year’s CARES Act. The Indiana Economic Development Corporation has approved $55 million for nearly 3,000 businesses. But vice president Mark Wasky says it’s unlikely the remaining money will be spent by an end-of-year deadline.
The IEDC is loosening the rules for the grants to deliver as much help as possible before the money expires. It’s doubling the maximum amount a business can receive to $100,000. The average grant has been less than half the $50,000 cap, but Wasky says some businesses have maxed out, and some of them are still experiencing losses from the pandemic’s repercussions.
The agency will also allow claims for losses at any point this year. The original rules covered only losses through May 1. And sole proprietorships will be able to seek reimbursement for revenue they would have pocketed in a normal year, not just direct business losses.
