Lt. Gov. Crouch Names COVID-19 Response Phase 2 Recipients
August 27, 2020 at 9:32 p.m.
By Staff Report-
“Small businesses are the backbone of our Hoosier economy and they have made considerable sacrifices during the COVID-19 crisis.” said Matt Crouch, interim executive director of OCRA. “This funding will help Hoosier small businesses continue to recover and will help make investments necessary to create safer spaces for their customers and staff.”
On April 30, Crouch announced 61 COVID-19 Response Phase 1 recipients, who received more than $10.7 million in funding. To continue addressing the economic impact caused by COVID-19 on rural Hoosier businesses, OCRA launched a second phase of the COVID-19 Response Program.
“Many of the business owners face already-slim margins, which make these grants even more essential for their survival,” said Crouch. “OCRA is pleased to be able to continue our support for small businesses which is integral to the recovery of Indiana’s rural economy.”
Eligible applicants for this program could apply for up to $250,000 and include non-entitlement local units of government. The two eligible economic recovery activities included grants or loans to businesses to retain Low-to-Moderate Income (LMI) jobs.
Funding for the COVID-19 Response Phase 2 funding is derived from Indiana’s CARES Act allocation.
The Coronavirus Aid, Relief and Economic Security (CARES) Act was passed by Congress and signed into law on March 27. Through the Coronavirus Relief Fund, the CARES Act provides for payments to state, local and tribal governments navigating the impact of the COVID-19 outbreak.
Below is a summary of the projects in the area being funded under each category. For more information on the program, visit www.in.gov/ocra/3010.htm.
Grants to businesses to retain jobs
Marshall County is awarded $250,000 to create the Marshall County Crossroads Loan Program. This countywide micro-loan program would be used to provide funds to businesses or for employees of businesses that fit into the size standard of less than $1 million in gross annual sales and less than 20 LMI employees.
Wabash County is awarded $160,000 and will issue grants to businesses ranging from $2,000 to $10,000, based on retained employee counts. Specifically, the funds will be used for costs incurred or ongoing operating expenses to help to retain LMI jobs.
Loans to businesses to retain jobs
Whitley County is awarded $250,000 to establish a COVID-19 fund, in their existing revolving loan fund program, to continue to create jobs and stimulate private investment.
“Small businesses are the backbone of our Hoosier economy and they have made considerable sacrifices during the COVID-19 crisis.” said Matt Crouch, interim executive director of OCRA. “This funding will help Hoosier small businesses continue to recover and will help make investments necessary to create safer spaces for their customers and staff.”
On April 30, Crouch announced 61 COVID-19 Response Phase 1 recipients, who received more than $10.7 million in funding. To continue addressing the economic impact caused by COVID-19 on rural Hoosier businesses, OCRA launched a second phase of the COVID-19 Response Program.
“Many of the business owners face already-slim margins, which make these grants even more essential for their survival,” said Crouch. “OCRA is pleased to be able to continue our support for small businesses which is integral to the recovery of Indiana’s rural economy.”
Eligible applicants for this program could apply for up to $250,000 and include non-entitlement local units of government. The two eligible economic recovery activities included grants or loans to businesses to retain Low-to-Moderate Income (LMI) jobs.
Funding for the COVID-19 Response Phase 2 funding is derived from Indiana’s CARES Act allocation.
The Coronavirus Aid, Relief and Economic Security (CARES) Act was passed by Congress and signed into law on March 27. Through the Coronavirus Relief Fund, the CARES Act provides for payments to state, local and tribal governments navigating the impact of the COVID-19 outbreak.
Below is a summary of the projects in the area being funded under each category. For more information on the program, visit www.in.gov/ocra/3010.htm.
Grants to businesses to retain jobs
Marshall County is awarded $250,000 to create the Marshall County Crossroads Loan Program. This countywide micro-loan program would be used to provide funds to businesses or for employees of businesses that fit into the size standard of less than $1 million in gross annual sales and less than 20 LMI employees.
Wabash County is awarded $160,000 and will issue grants to businesses ranging from $2,000 to $10,000, based on retained employee counts. Specifically, the funds will be used for costs incurred or ongoing operating expenses to help to retain LMI jobs.
Loans to businesses to retain jobs
Whitley County is awarded $250,000 to establish a COVID-19 fund, in their existing revolving loan fund program, to continue to create jobs and stimulate private investment.
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