One November 25, 2020, Rhode Island Governor Raimondo announced a new grant program for businesses affected by Rhode Island on Pause. Businesses eligible for the grant include gyms or fitness centers, restaurants, caterers, food trucks, indoor recreation or entertainment establishments, certain event planners, bars, and a number of other businesses which are now subject to new restrictions. Rhode Island on Pause was an executive order from the Governor because of rising COVID-19 cases in the state.
The program uses federal Coronavirus Relief Funds for needed relief to those businesses adversely impacted by the operating restrictions. Awarded grants will range from a minimum of $500 to a maximum of $50,000. These grants not considered loans and will not have to be repaid if used for eligible purposes. The grant will be reported as taxable income.
To help address questions regarding the program, the Division of Taxation today launched a new webpage, to explain how the program works and provide helpful information regarding the grants. The webpage includes links to an online application, which will be available in English and Spanish, and to Frequently Asked Questions. The deadline to apply for this grant is December 11, 2020.
For more information, please access the above links or contact us at 401-831-0200.