INDIANA (WEHT) Help is on the way for small businesses in Indiana after Governor Eric Holcomb signed a bill into law. Small businesses could receive up to $10,000 a month, with a cap of $50,000, thanks to funds in the federal CARES act.
To qualify, businesses must have fewer than 100 employees, gross revenue of less than $10M in 2019, and prove a monthly gross revenue loss of at least 30-percent.
Businesses can still qualify even if they received grants or PPP funds.
“Their livelihoods are truly on the line. It could be a godsend for many of those companies,” said Adam Berry, Vice President of Economic Development and Technology, Indiana, “What’s nice is that it’s a $60M appropriation – which is a win-win for the state because we’re not tapping into general fund for this program.”
The program is being managed by the Indiana Economic Development Corporation.
(This story was originally published on April 21, 2021)