By the end of next week, the Restore RI grant program is expected to begin accepting applications from an extended audience – sole proprietors and companies with up to 50 employees. Besides the increased employee cap, RI Commerce will also reduce the minimum of percentage of revenue loss that less-severely affected businesses (industries other than retail, food services and arts & entertainment) must demonstrate. The changes are expected to significantly expand the program’s eligibility.
The grant program (Round One) was originally launched on August 3, 2020 for small businesses that lost at least 50% of its revenue during the pandemic. It was limited to businesses with one to 20 employees, except for restaurants and caterers, which were not subjected to an employee cap. Eligible small businesses could apply for grants up to $15,000.
To date, over 800 of RI’s small businesses have taken advantage of the Restore RI Grant Program. Grants totaling over $7 million dollars were awarded which still leaves the majority of the $50 million available for allocation.
More information about the expansion, and the streamlined application process which will be available next week, visit at https://commerceri.com.