Indiana state officials are confident that the state's final stage of its Back on Track initiative can be implemented successfully to ensure small businesses survive the post-COVID-19 economy.
Luke Bosso, the Indiana Economic Development Corp. chief of staff, told Inside Indiana Business there are millions of dollars worth of funding available to Indiana businesses to make the fifth and final stage a success. This funding includes $35 million from the CARES Act to help small businesses succeed.
"We knew that restaurants, retail, hospitality have really been hit hard, so we wanted to make sure that not only do we have a program that touches on every industry, but also one that specifically focuses on those small businesses, so they have access to capital," Bosso told Inside Indiana Business.
The fifth stage began on July 4 and lasts indefinitely. The step allows malls, retail stores and bars to operate at full capacity. There will no longer be restrictions in fitness centers, amusement parks or at sporting events. The stage does recommend social distancing guidelines to still be adhered.
Board directors of the IEDC also launched a $10 million Economic Activity Stabilization and Enhancement program to help support technological advancements in the state's manufacturing industry, a primary driver in Indiana's economy.