ATTACHMENT B. The IEDC is implementing and managing the Small Business Restart Grant program (“the Program”). The purpose of the Program is to help accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the novel coronavirus (COVID-19) global pandemic. Indiana businesses with the following qualifications are eligible: • Fewer than 50 employees at the end of 2019 • Less than $5 million in annual revenue at the end of 2019 • Demonstrated profitability in 2019 • Demonstrated minimum 40% drop in revenue (month over month) Eligible businesses can be reimbursed for up to 80% of qualified expenses for business interruption up to: • $2,500 for each month in which the business demonstrates a revenue loss of at least 40% • $5,000 for each month in which the business demonstrates a revenue loss of at least 80% • $10,000 per company Businesses that received funds through the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) or Community Development Block Grant – OCRA programs are ineligible to participate in this Program. Applications will be accepted from June 3 through Sept. 30, pending the availability of funds. Program budget: • $30,000,000 in direct grant funding • $200,000 in grant administration • $130,000 for application review support • $1,600,000 for marketing Of the $30 million allocated to the fund, at least $5 million will be reserved for certified minority- and women-owned businesses. SBA-IEDC MOU Regarding CARES Act Relief Programs This is an Amendment to the Memorandum of Understanding (the “MOU”) entered into by and between the Indiana State Budget Agency (“SBA”) and the Indiana Economic Development Corporation (“IEDC”). In consideration of the mutual undertakings and covenants hereinafter set forth, the parties agree as follows:
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