Hostettler: New law Invests $60M For Small Business Recovery Grants

Legislation supporting jobs, employers and economic recovery by investing $60 million to expand the Hoosier Hospitality Small Business Restart Grant Program is now law, according to State Rep. Matt Hostettler (R-Patoka).

“By providing grants to our struggling small businesses, Hoosiers can retain jobs and accelerate our economy,” Hostettler said. “Indiana has the 12th lowest unemployment rate in the U.S. at 3.9%, which is a solid indicator that our economy is rebounding. We want to make sure that help is available to our local job creators who are doing everything they can to remain open and gain ground after a very tough year.”

Hostettler said many businesses across 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 percent from August 2019 to 2020. This legislation will provide eligible small businesses a grant to cover a portion of business and payroll-related expenses.

Eligible recipients 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, 2021, 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. For more information about the grant program, visit backontrack.in.gov.

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