In addition to the funding available to small businesses through federal programs that we’ve been discussing over the last couple of months, you may have heard that Indiana is now rolling out a plan as well, called the Small Business Restart Plan. This plan will allow eligible small businesses in Indiana to seek reimbursement for up to 80% of qualifying expenses (such as rent/mortgage payments, utilities, lease payments for personal property, and safety investments, such as personal protective equipment (PPE) and infrastructure improvements). 

In order to be eligible, businesses must meet the following requirements:

Many small business won’t qualify due to the last requirement, but we wanted to make you aware of this plan in case you do qualify or in case you hear about it and wonder if it would work for you. The types of businesses that it appears it might be best suited for are ones that weren’t eligible to benefit from the federal programs (such as landlords or corporations without any payroll in 2019), but would still need to meet all of the requirements above.   If you feel that you might qualify for the Small Business Restart Plan, the application period begins June 3 ^rd & is scheduled to close September 30 ^th .   We anticipate that more specifics about who might/might not qualify and specifics of how the program will be run will be available once the application becomes available. Feel free to reach out with any questions that you have or you can find out more about the program through the state’s website at www.backontrack.in.gov and review the Small Business Restart Fund section.

--The Team at Rader & Rader