|Despite the economic uncertainty and challenges we’ve faced as a result of the pandemic, there are signs that our state’s economy continues to come back strong.|
Indiana had one of the best recoveries in the nation. Our economy grew at a 22.7% annual rate, making us tied for the 4th best economic growth in the country.
In addition, after Indiana’s unemployment rate hit a staggering 17.5% in April 2020, the latest jobs report shows our state’s unemployment rate is now back down to 4% and lower than the national rate of 6.2%. We have not yet recovered all the jobs lost since last spring, but we have seen great improvement.
While these numbers show Indiana is making a strong turnaround thanks to the resilience of our workforce and entrepreneurs, many small businesses are still struggling.
To help small businesses recover from dramatic decrease in revenue over the past year, I am supporting House Bill 1004, which would create a grant program to help our businesses bounce back.
The Hoosier Hospitality Small Business Grant Program would focus on the hospitality industry, building on the state’s existing efforts to help local businesses stay afloat. An additional $60 million in funding would come from the CARES Act and would be administered by the Indiana Economic Development Corporation.
Helping people find a path forward in this time of recovery is imperative, and I believe HB 1004 will provide small businesses with some of the funding they need to navigate and survive these uncertain times.
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