INDIANAPOLIS — The City-County Council on Monday unanimously passed Mayor Joe Hogsett’s request to allocate additional COVID-19 relief funds for rental assistance, paycheck protection loans and more.
Indianapolis received more than $28 million in rental assistance funding. This allocation, in combination with $6 million from a January fiscal package, more than doubles a program that has already distributed over $33 million to 15,800 Marion County households.
“This funding will extend vital assistance to Indianapolis renters, small business owners, workers and residents throughout our city,” said Mayor Hogsett. “As the economic effects of the pandemic will stretch long past 2021, these programs will help our neighborhoods recover in the short run and thrive in the long run.”
This new round of rental assistance will have rules for eligibility. Deputy Mayor of Community Development Jeff Bennett will have a better idea of eligibility after receiving guidance from the federal government.
Currently, more than 7,000 households are on a waiting list for rental assistance. At one point during the program, more than 20,000 households were on the waiting list.
“I think we would like to start with folks who are on the waiting list who didn’t get into the last round,” he said. “Maybe revisit those who were denied assistance in the last round.”
According to Bennett, those on the waiting list will get notified when the portal is ready to go live. The city believes that will happen some time in early March.
The Council also approved up to $10 million for local Paycheck Protection Program loans. Indy Chamber manages this program and has approved loans for roughly 180 businesses since the start of the pandemic.
“This whole loan can be forgiven by the federal government, and that is a huge weight lifted off of the business owner’s shoulders,” said Susanna Taft, manager of Strategic Initiatives at Develop Indy with the Indy Chamber.
Applicants can use PPP loan money for a variety of things, including payroll, rent and utilities. A business is eligible to apply for a second PPP loan in 2021 if they meet the following criteria:
- You have used up your first PPP loan
- Your business was operational before February 15, 2020
- Your business is still open and operational
- You have no more than 300 employees
- If your business has multiple locations, you have no more than 300 employees per location
- You can show a 25% or greater reduction in gross revenue
To see eligibility or apply for first draw PPP loans or apply for a PPP loan through the Indy Chamber, click here.
This COVID-19 relief funding for rental assistance and PPP loans comes from a package passed by Congress in December.
Also passed Monday night by City-County Council was $3.7 million in Federal Emergency Management Agency Public Assistance (FEMA PA) appropriation for COVID-19 pandemic-related expenses incurred, including overtime, PPE, cleaning services and more.
Monday’s allocation brings total COVID relief funding to more than $200 million.