STATEHOUSE (July 9, 2020) – As Indiana continues to get back on track, State Rep. Bob Heaton (R-Terre Haute) said the state is dedicating nearly $44 million in federal funds to help small businesses and manufacturers impacted by COVID-19.
"Locally owned businesses are foundational to our communities," Heaton said. "Support for them is essential as we continue to stem the effects of this public health crisis."
Through the federal CARES Act, $30 million has been dedicated to the Small Business Restart Fund. Hoosier small businesses with fewer than 50 employees and $5 million in annual revenue that experienced at least a 40% drop in revenue can apply for grants to cover expenses related to the public health crisis. Heaton said these expenses may include rent or mortgage payments, lease payments for real or personal property, utilities and safety investments like personal protective equipment and infrastructure improvements to keep employees and customers safe. According to Heaton, at least $5 million will be reserved for certified minority- and women-owned businesses. The deadline to apply for a grant is Sept. 30. For more information on this program, including additional eligibility requirements, visit backontrack.in.gov.
The Indiana Small Business Development Center will utilize nearly $3.7 million over the next 18 months to offer increased resources for Hoosier entrepreneurs and small businesses. Heaton said this funding will help provide no-cost services like counseling and training for local businesses impacted by COVID-19. Visit isbdc.org/indianacovid19smallbusiness for more information.
"Added safety precautions are vital for fully reopening our economy," Heaton said. "Businesses can use this program for help implementing guidelines to enhance safety for workers and patrons."
The Indiana Economic Development Corp. approved $10 million to launch the Economic Activity Stabilization and Enhancement program, which Heaton said will support technology and operational advancements in the manufacturing industry. Through this program, local manufacturers will be able to apply for support through the Smart & Advanced Manufacturing Focus Fund to invest in new developments. Manufacturing Readiness Grants are also available to companies committed to modernizing their operations or those investing in health care manufacturing technology. Additionally, a Smart Manufacturing Studio is being developed to provide lab space and access to state-of-the-art equipment to businesses so they can train employees, validate technologies and conduct third-party pilot manufacturing. More information can be found by visiting iedc.in.gov and searching "Economic Activity Stabilization and Enhancement."
Heaton said these resources are in addition to the PPE Directory, which features Indiana companies that manufacture and distribute a variety of personal protective equipment available for purchase. Visit backontrack.in.gov/ppedirectory.htm for details.
State Rep. Bob Heaton (R-Terre Haute) represents House District 46,
which includes portions of Clay, Monroe, Owen and Vigo counties.
Click here to download a high-resolution photo.