Commerce RI will start accepting online applications on Monday, August 3, 2020 for the Restore RI grant program. The grant amounts range from $2,500 to $15,000 based on the number of employees, the amount of revenue loss and the industry. To determine if you qualify, please view the eligibility requirements listed on the Commerce RI, Restore RI web page.
What information will you need to prepare the application beginning on Monday? Start by completing the Restore RI Small Business Grant Eligibility & Award Estimator that is also available on the Commerce RI website. The most significant information you will need is:
- Your NAICS Code
- Your gross revenue for the second quarter (April to June) of 2019
- Your gross revenue for the second quarter (April to June) of 2020
- Number of employees who worked more than 35 hours per week in the first quarter of 2020
- Number of employees who worked less than 35 hours per week in the first quarter of 2020
- Certain industries can include up to 3 full or part time independent contractors
- A DUNS number, which is a unique nine-character number issued by grants.gov. According to the grants.gov website, it may take two days to get the number if you don’t already have one.
- A narrative of the business operations
- Ownership structure
- Summary of the eligible expenses incurred since March 1, 2020 to include:
- Rent or mortgage payments
- Physical adaptation changes to include Plexiglas supplies
- Technology upgrades such as website or hardware upgrades
- Supplies or equipment such as cleaning supplies, masks, gloves, hand sanitizer, face shields, etc.
- Professional services procured such as signage design, construction space adaptations
- Inventory such as food or perishable supplies (for restaurants)
Additionally, once you start the application, you will be required to provide:
- Income statements for the second quarters of 2019 and 2020
- Form 941 for the second quarter of 2020
- The completed expense calculator listing the eligible expenses
- A color copy of the owner’s driver’s license, social security number and most recent tax return
- The employer identification number of the business, the most recent tax return and bank statements
- A Form W-9
- Business banking information for direct deposit
Please contact us at 401-831-0200 if you would like our assistance with completing the Restore RI Small Business Grant Eligibility & Award Estimator and the expense calculator.