Gov. Eric Holcomb made changes to the Indiana Small Business Restart Grant that will increase funding available to small businesses affected by the COVID-19 pandemic, according to a Facebook post by the Indiana Economic Development Corporation.

The program is now extended through Nov. 1 for small businesses in Marion County and through Dec. 1 for small businesses outside of Marion County, the Facebook post stated. The grant program will provide working capital to help with economic recovery.

The state wants to increase how many small businesses are able to utilize the program and increase the award they are able to receive, the post states. The state hopes these changes will do that.

The grants that are available through the program are now available to small businesses that have already received relief funding due to COVID-19 from programs like the Paycheck Protection Program (PPP), Community Development Block Grants and Economic Injury Disaster Loans, according to the Facebook post.

Holcomb approved funding to support the program in May, the Small Business Restart Fund webpage states. The webpage notes that the program was funded by $31 million from federal funding that was provided via the Coronavirus Aid, Relief and Economic Security (CARES) Act last spring. Of that, $30 million was approved by the state. The additional $1 million was allocated by Indianapolis for small businesses in Marion County. At least $5 million of that is reserved for minority- and women-owned businesses.

To be eligible, small businesses just have registered to operate in Indiana, have less than 50 employees, have had less than $5 million in revenue in 2019, have been profitable in 2019, must demonstrate a monthly revenue loss since the pandemic began of at least 40% and must be in good standing with the state's Department of Revenue.

Through the program, grants will be provided of up to $10,000 per business. They will be issued in the order in which applications were received until the program is fully exhausted.