Governor Dan McKee and Rhode Island Commerce Secretary Stefan Pryor announced on April 12, 2021 a new grant program to assist small businesses that have suffered financially due to COVID-19. The program will give qualifying businesses $5,000 grants.
How May the Money be Used?
- Wages and/or salaries of employees to avoid furloughs or layoffs;
- Operational costs incurred to enable the business to remain open through the state of emergency; or
- Facilitating the reopening of the business if the business was unable to remain open for a portion of the state of emergency.
The first round of applications will be accepted on a first-come, first-served basis beginning tomorrow, Thursday, April 15, 2021 through Friday, April 30, 2021 at 5:00 p.m.
Who is Eligible?
- For-profit businesses based in Rhode Island with less than $1 million in gross receipts (revenue) in the 2020 tax year,
- Businesses that received less than $25,000 in state COVID-related financial assistance to date. from any of the following programs combined: Restore RI Grants, Pause Grants, and/or Early Bar Closure Grants
- Businesses must demonstrate that they have a COVID-related net financial need that exceeds the $5,000 grant amount, which can be calculated by subtracting the total amount of COVID related grants or financial assistance received for 2020 from the total drop in gross receipts from 2019 to 2020.
Learn more about the program by visiting commerceri.com/reliefgrant. A video about the program and how to apply can also be found there.