Indiana is poised to earmark approximately $44 million for support and resources initiatives to help the state's economy as it combats the COVID-19 pandemic, Gov. Eric Holcomb said in late May.
The initiatives will include an estimated $37 million in direct grants and investments to small businesses and manufacturers, which are critical methods to state's economy, the governor's May 29 release said.
"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," Holcomb said in the statement. "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."
The initiatives are designed to support long-term investments to help Indiana's economy as the state tries to escape the economic pressures the coronavirus has created, according to the governor's release. The state intends to use federal relief funds from the CARESAct in coordination with its Economic Relief and Recovery Team, as it seeks a safe guided return to financial activity.
Approximately $30 million in federal CARESAct funding has been earmarked by Holcomb for the state's Small Business Restart Fund, which is expected to provide money to cover global pandemic expenses, the release said. The fund targets small businesses with less than $5 million in annual revenue and fewer than 50 employees that have sustained 40 percent or more drop in revenue.
Such businesses will be eligible to up to 80 percent in reimbursements for qualified expenses, such as rent, mortgage or lease payments, utility costs and certain investments. Personal protective equipment (PPE) purchases and infrastructure improvements would be reimbursable, the release said.