Rhode Island Commerce has established a grant program for Rhode Island businesses affected by COVID-19. Grants are available for up to $15,000 based on the number of employees, the degree of revenue loss and the business industry. Although grant applications are not yet available, we wanted you to be ready to apply, should you qualify, when the application does become accessible on Monday August 3, 2020. See our article titled How to Prepare for the Restore RI Grant Program.
Program eligibility requirements include:
- Businesses that demonstrate 30% or greater revenue loss
- Small businesses with fewer than 21 employees or restaurants and caterers of any size.
- Physical presence in Rhode Island
- Business must be open or have a plan to reopen.
- Must pass a viability test.
Sole proprietors, national chains, governmental entities, and non-profits are not eligible. In addition, health care and social assistance businesses and other select industries are not eligible. More information is available in the grant application materials on the Commerce RI website.
The grant may be used for reopening expenses to include personal protective equipment and technology and major fixed expenses to include rent and utilities. Expenses covered by other federal and state funding are not eligible expenses under the grant.
Please contact us if you are interested in applying when the program becomes available. There are limited funds and grants will be awarded on a first-come first-served basis.
For more information, contact Rhode Island Commerce Small Business Hotline at 401-531-HELP or https://commerceri.com/about-us/restore-ri/