business Are You Eligible for the RI Rebounds Hospitality, Tourism and Events Grant Program? March 08, 2022 Did your business suffer significant revenue loss due to the COVID-19 pandemic? You may be eligible for the Rhode Island Small Business Grant Program. Find out if you’re eligible here. RI Businesses…you’ll want to read up on the RI Rebounds Hospitality, Tourism and Events Grant Program. It can help offset negative impacts of the COVID-19 pandemic. Here’s what you should know. What is the RI Rebounds Hospitality, Tourism and Events Grant Program? This program provides up to $8 million in direct payments to businesses and organizations that suffered greater than 35% revenue loss in 2021 (compared to 2019) due to the pandemic. Eligibility The funding is divided into three areas, restaurants/event professionals, hotels/travel agencies/tour operators and arts/culture. Here’s a rundown of the eligibility requirements for each area. What restaurants and event professionals are eligible? To apply, you must be a Rhode Island Business or nonprofit that… Was established before January 27, 2020.Is in one of the following industriesRestaurants, bars, nightclubs, wineries, breweries, distilleries, caterers, food trucks or other food service providersPhotographers, videographers, florists, event planners, limousine services, event rentals, performers, convention and trade show organizers, hair and makeup professionals, and any other event professionals (50% of total income must be event-related).Valet service providersSuffered a COVID-related revenue loss in 2021 of minimum 35% to 2019. The following businesses ARE NOT eligible: Nationally or regionally owned chainsPermanently closed businesses or those considering federal bankruptcy or state receivership, or those on the federal “do not pay” listBusinesses that have received funding from the Small Business Administration (SBA)’s Restaurant Revitalization Fund (RRF) What hotels, travel agencies and tour operators are eligible? To apply, you must be a Rhode Island business established before January 27, 2020 that… Is in one of the following industries:Hotels (this does not include Airbnbs and vacation rentals)Tour operatorsTravel agentsSuffered a COVID-related revenue loss in 2021 of at least 35% of 2019 revenuesIs currently open and operating The following businesses ARE NOT eligible Airbnbs or travel agentsPermanently closed businesses or those considering federal bankruptcy or state receivership, or those on the federal “do not pay” listPublicly traded businesses/organizations or businesses/organizations that are majority owned by a publicly traded company What arts and culture businesses are eligible? To apply, you must be a Rhode Island based business established before January 27, 2020 that… Is in one of the following industries:Arts education organization Arts or cultural venuesMuseumsPerforming or visual arts organizationsDance studiosSuffered a COVID-related revenue loss in 2021 of at least 35% compared to 2019.Uses at least 20% of their operating budget for rent, performance space, or to own your facility. The following businesses/organizations are not eligible Higher education institutionsNationally or regionally owned chainsPermanently closed businesses or those considering federal bankruptcy or state receivership, or those on the federal “do not pay” list What are the award amounts? For restaurants/event professionals- up to $12,500 For hotels, travel agencies and tour operators AND arts/culture- maximum $250,000, or the organization’s net financial need (whichever is less). Eligible businesses with fewer than ten employees are expected to receive awards of $12,500 under the program. Wondering if you’re eligible? We can help. Not eligible? We can also help with that! The Employee Retention Credit might be an option for you. Contact us.
