SOURCE: News release from Indiana Small Business Development Center
INDIANAPOLIS – Governor Eric J. Holcomb today announced a new grant program available to support Hoosier hotels, entertainment venues and promoters by reimbursing certain expenses incurred during and related to the global pandemic. The Indiana Hospitality & Entertainment Grant program makes available $30 million in federal funding to accelerate the speed of recovery for these businesses that have been significantly impacted over the last year and largely excluded from other government assistance programs.
“I continue to be encouraged and inspired by the resilience of Indiana’s business communities,” said Gov. Holcomb. “This new grant program is yet another resource that will help Hoosier businesses weather the financial impacts of the pandemic and prepare to welcome back guests and visitors in the months to come. Together, we will strengthen the Hoosier Hospitality our great state is known for.”
Businesses that meet the eligibility requirements can apply for reimbursement of qualified business expenses incurred at their Indiana operations between March 1, 2020, and Dec. 31, 2021.
These qualified expenses include payroll – which may be reimbursed up to 100% – and non-payroll expenses, such as insurance premiums, rent or mortgage payments, utilities, lease payments, and safety investments – which may be reimbursed up to 80%. Reimbursements may be awarded up to $100,000 for each month but may not exceed $1 million total for each eligible business.
Registered Indiana businesses must:
- Have been established prior to Oct. 1, 2019;
- Still be operating in Indiana;
- Be registered to operate in Indiana and must be seeking reimbursement for expenses related only to their Indiana operations;
- Be in good standing with the Indiana Department of Revenue (DOR) or have a DOR-approved payment plan;
- Have had fewer than 500 full-time employees in 2019;
- Have been profitable in 2019 (determined by EBITDA) and have had between $10 million and $35 million (Gross Receipts or Sales) in revenue in 2019;
- Demonstrate a monthly gross revenue loss of at least 60% compared to 2019 revenues; and
- Be an entertainment, venue, or hospitality business as defined by the following NAICS Codes:
- 721110 Hotels & Motels,
- 711310 Promoters of Performing Arts, Sports, and Similar Events with Facilities,
- 711320 Promoters of Performing Arts, Sports, and Similar Events without Facilities,
- 711110 Theater Companies and Dinner Theaters,
- 512131 Motion Picture Theaters (except Drive-Ins),
- 512132 Drive-In Motion Picture Theaters.
The application, along with additional details and instruction, is available at backontrack.in.gov. Eligible businesses may apply until Dec. 31, 2021, but are encouraged to apply and submit expenses for reimbursement as soon as possible, as grants will be issued in the order they are received until funding is exhausted.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov. FacebookTwitterEmailShare