{"id":79472,"date":"2020-05-29T16:00:08","date_gmt":"2020-05-29T20:00:08","guid":{"rendered":"https:\/\/aroundfortwayne.com\/news\/?p=79472"},"modified":"2020-12-24T13:40:53","modified_gmt":"2020-12-24T18:40:53","slug":"nearly-44m-to-aid-economic-recovery","status":"publish","type":"post","link":"https:\/\/aroundfortwayne.com\/news\/2020\/05\/29\/nearly-44m-to-aid-economic-recovery\/","title":{"rendered":"Nearly $44m to aid Economic Recovery"},"content":{"rendered":"

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News release from Indiana Governor Eric Holcomb’s office:<\/p>\n

Gov. Holcomb Announces Nearly $44 Million to Aid Economic Recovery Effort<\/strong>
\nNew initiatives launched to help Indiana businesses restart, adapt and stimulate long-term growth<\/em><\/p>\n

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INDIANAPOLIS (May 29, 2020) \u2013 Today, Governor Eric J. Holcomb announced several new economic recovery initiatives designed to bolster critical relief efforts while encouraging long-term planning and investments to stimulate Indiana\u2019s economy well into the future. Through these initiatives, the state will allocate nearly $44 million to provide support and resources including approximately $37 million in direct funding through grants and investments to small businesses and manufacturers \u2013 two key drivers of the Hoosier economy.<\/p>\n

“To restart Indiana’s economic engine, it’s critical that we provide Hoosier businesses and entrepreneurs with the support they need to grow and get back on track,” Gov. Holcomb said. “These initiatives will ensure that two critical drivers of our state’s economy have access to resources and technological tools that allow them to continue competing and leading in the 21st century economy, while further positioning our state for long-term economic growth.”<\/p>\n

To safely guide a return to economic activity, the state is committed to deploying federal relief funds under the CARES Act in coordination with Indiana’s Economic Relief and Recovery Team, while targeting initiatives aimed at achieving long-term economic stabilization. <\/p>\n

\u2022 Small Business Restart Fund: Gov. Holcomb approved $30 million in federal funding made available through the CARES Act to small business restart grants, helping accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic. Indiana small businesses with fewer than 50 employees and $5 million in annual revenue that have experienced a 40% drop in revenue will be eligible to be reimbursed for up to 80% of qualified expenses, such as rent or mortgage payments, utilities, lease payments for real or personal property, and safety investments, such as personal protective equipment (PPE) and infrastructure improvements.<\/p>\n

Eligible small businesses that demonstrate a revenue loss of at least 40% will be awarded up to $2,500 for each month while small businesses that demonstrate a revenue loss of at least 80% will be awarded up to $5,000 for each month, with grants issued up to $10,000 per company. Of the $30 million allocated to the fund, at least $5 million will be reserved for certified minority- and women-owned businesses. <\/p>\n

More information on the program, including additional eligibility requirements, is available here<\/a>.<\/p>\n

\u2022 Small Business Relief & Planning Resources: The Indiana Small Business Development Center (Indiana SBDC) received nearly $3.7 million from the U.S. Small Business Administration (SBA) through the CARES Act to support increased resources for Hoosier entrepreneurs and small businesses over the next 18 months. The funding, which will nearly double the organization\u2019s annual federal appropriations, will enable Indiana SBDC to increase no-cost services, such as counseling and training, for businesses that were in operation prior to and that have been impacted by COVID-19. Services will be available through the Indiana SBDC\u2019s 10 regional offices across the state and are expected to focus on financial assistance, e-commerce, business adaptation and innovation, disaster resiliency and planning, and reopening plans.<\/p>\n

More information on Indiana SBDC resources is available online; updates on new programs or initiatives that may be added with this funding will be forthcoming. <\/p>\n

\u2022 Manufacturing Support & Long-Term Growth: The Indiana Economic Development Corporation (IEDC) board of directors approved $10 million to launch the Economic Activity Stabilization and Enhancement (EASE) program aimed at supporting technology and operational advancements in the manufacturing industry, which has long been a key driver of the state\u2019s economy. EASE, which encompasses three complimentary initiatives, is designed to stimulate manufacturing investments that will position Hoosier operations, and the sector overall, for future growth and prosperity by prioritizing startup investment and resources, technology modernization and development, and training assistance.<\/p>\n

The three EASE initiatives include:<\/p>\n