Rhode Island Rolls out Restore RI Grant ProgramJuly 31, 2020
Rhode Island business owners…has your business been severely impacted by the COVID-19 pandemic? A recent grant program could be the solution your company needs. Read on to see if you’re eligible.
Attention Rhode Islanders…Governor Raimondo has rolled out a new grant program targeted to small businesses that have been most severely impacted by the COVID-19 pandemic. Find out if your business is eligible.
What is the Restore RI Grant program?
The Restore RI Grant Program is part of a $100 million package of programs to provide relief for RI’s small businesses that have suffered due to the COVID-19 pandemic. Through the Restore RI Program, $50 million will be provided to eligible businesses.
What businesses are eligible?
To qualify for the relief, businesses need to:
- Prove at least 30% revenue loss if they are in a severely-impacted industry or at least 50% revenue loss for other eligible industries.
- Have between 1 and 20 employees (with the exception of restaurants and caterers which are not subject to an employee cap) *Sole proprietorships are eligible as long as they have one employee in addition to the owner
- Have a physical presence in Rhode Island and must plan to open or plan to open within 60 days.
How much are the grants for?
Eligible businesses can apply for grants of up to $15,000. They will be calculated based on whether the business is in a severely impacted industry, how many full time employees there are and the degree of revenue loss.
How do you apply?
The RI Commerce Corporation, along with organizations and associations across the state are assisting businesses with the application process. Both the Commerce Corporation and SCORE RI will be providing online trainings and information sessions through the next couple weeks. In addition, the RI Commerce Corporation will be holding in-person socially distanced sessions for businesses that need extra support filling out the application and scanning required documents.
Required documents include:
- Business EIN/Tax ID and recent tax return
- NAICS code for your industry
- Income statement demonstrating year-over-year revenue loss for the second quarter of 2020
- Grant eligibility and award estimator
- Employment verification
- Listing of eligible expenses totaling in excess of the grant amount. For grants of $5,000 or more, businesses must document expenses with supporting documentation including receipts, bank statements, invoices, etc.
- Color copy of owner’s driver’s license
- Federal DUNS number
- Note – If you don’t have a DUNS number, click here to learn more and apply. Act fast as it takes up to two business days to receive a DUNS number.
- W9 and direct deposit banking info
Businesses can also contact the RI Commerce Small Business Hotline at 401-521-HELP for assistance with the Restore RI application. Questions? Contact us.