Saunders: New law invests $60M for small business recovery grants

Posted by: Abrahm Hurt  | Monday, May 24, 2021

STATEHOUSE (May 24, 2021) – 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. Tom Saunders (R-Lewisville).

"Small businesses, like our local restaurants and unique tourist attractions, were hit hard by the pandemic," Saunders said. "This dedicated funding builds on the state's continued efforts to support Hoosier entrepreneurs in their recovery and protect jobs."

Saunders, who supported the legislation, said many businesses across the state were 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. With this new law, eligible small businesses can receive grants to cover a portion of business and payroll-related expenses.

Eligible recipients include those whose revenue is $10 million a year or less, and with fewer than 100 employees as of Dec. 31, 2019. They must show an average monthly gross revenue loss of at least 30%. Grants will not 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.

Saunders 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.

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

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State Rep. Tom Saunders (R-Lewisville) represents House District 54,
which includes Henry County and portions of Rush and Wayne counties.
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here to download a high-resolution photo.