PROVIDENCE – The number of small businesses seeking grants through the Restore RI program has increased by nearly 50% in the last four days under new, expanded eligibility requirements.
Another 400 businesses have applied for the state grant program aimed at offsetting COVID-19 losses since R.I. Commerce Corp. rolled out a new application with significantly expanded parameters on Tuesday, according to Matt Sheaff, R.I. Commerce’s director of communications and stakeholder outreach.
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Roughly 900 businesses had already received a collective $8 million in grants under the original terms of the grant program, which opened in early August.
The latest version expands to include sole proprietors and businesses with 21 to 50 employees; previously, only businesses with 1 to 20 employees were eligible. The expansion also reduces the amount of revenue loss applicants not in “severely impacted” industries must prove from 50% year-over-year revenue loss to 30%.
Sheaff said he was “encouraged” by the number of new applications and that the state continues to market the program through paid digital advertising, Zoom office hours and partnering organizations.
The exact amount of grant money depends on each company’s employee level and lost revenue.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
