PROVIDENCE – Gov. Gina M. Raimondo’s administration on Wednesday announced the creation of a $50 million grant program to aid businesses severely impacted by the COVID-19 pandemic.
The Restore RI grant program will provide up to $15,000 to impacted small businesses that have lost at least 30% of revenue in a severely impacted industry or at least 50% revenue loss in other eligible industries, R.I. Commerce Corp. said on Wednesday.
Disbursement will be based on industry, the number of full-time employees and the degree of revenue loss, with higher allocations for businesses with over 50% revenue loss.
Applications for the program will be accepted beginning on Aug. 3.
Eligible businesses must have between 1 and 20 employees, though restaurants and caterers will not be subject to the employee cap. Applicants must have a physical presence in Rhode Island and must be open or plan to be open within 60 days.
Currently, health care and social-assistance businesses are not eligible for the program. Sole proprietors without an employee, government entities, national chains and nonprofits are also not currently eligible for the program.
R.I. Commerce will also provide a list of documents on its website that will be required to apply for the program, but said requirements will include:
- Business EIN/Tax ID and recent tax return
- NAICS code for a businesses industry (federal industry category)
- Income statement demonstrating year-over-year revenue loss for the second quarter of 2020
- Grant eligibility & award estimator, which will be available on the Commerce website.
- Verification of employment
- Listing of eligible expenses totaling in excess of the grant amount. For businesses applying for grants of $5,000 or more, expenses must also be documented with supporting documentation including receipts, bank statements, invoices, or similar documents
- Color copy of owner’s driver’s license
- Federal DUNS number
- W-9 and business banking information for direct deposit
Eligible uses of the program include reopening expenses, such as PPE, plexiglass or related technology, and major fixed business expenses, such as rent and utilities, provided they are not already covered by other state or federal funding.
One-fifth of funding from the program is reserved for minority-owned businesses.
R.I. Commerce said that applications will be approved on a first come, first serve manner and encouraged applicants to begin preparing applications as soon as possible.
Eligible industries include:
- Forestry and logging
- Fishing, hunting and trapping
- Support activities for agriculture and forestry
- Construction of buildings
- Heavy and civil engineering construction
- Specialty trade contractors
- Food manufacturing
- Beverage and tobacco product manufacturing
- Textile mills
- Textile product mills
- Apparel manufacturing
- Leather and allied product manufacturing
- Wood product manufacturing
- Paper manufacturing
- Printing and related support activities
- Petroleum and coal products manufacturing
- Chemical manufacturing
- Plastics and rubber products manufacturing
- Nonmetallic mineral product manufacturing
- Primary metal manufacturing
- Fabricated metal product manufacturing
- Machinery manufacturing
- Computer and electronic product manufacturing
- Electrical equipment, appliance, and component manufacturing
- Transportation equipment manufacturing
- Furniture and related product manufacturing
- Miscellaneous manufacturing
- Merchant wholesalers, durable goods
- Merchant wholesalers, nondurable goods
- Wholesale electronic markets and agents and brokers
- Motor vehicle and parts dealers
- Furniture and home furnishings stores
- Electronics and appliance stores
- Building material and garden equipment and supplies dealers
- Food and beverage stores
- Health and personal care stores
- Gasoline stations
- Clothing and clothing accessories stores
- Sporting goods, hobby, musical instrument, and book stores
- General merchandise stores
- Miscellaneous store retailers
- Nonstore retailers
- Air transportation
- Water transportation
- Truck transportation
- Transit and ground passenger transportation
- Pipeline transportation
- Scenic and sightseeing transportation
- Support activities for transportation
- Couriers and messengers
- Warehousing and storage
- Publishing industries (except internet)
- Motion picture and sound recording industries
- Broadcasting (except internet)
- Telecommunications
- Data processing, hosting, and related services
- Other information services
- Rental and leasing services
- Professional, scientific, and technical services
- Management of companies and enterprises
- Administrative and support services
- Waste management and remediation services
- Educational services
- Performing arts, spectator sports, and related industries
- Museums, historical sites, and similar institutions
- Amusement, gambling, and recreation industries
- Accommodation
- Food services and drinking places
- Repair and maintenance
- Personal and laundry services
Chris Bergenheim is PBN web editor. You may reach him at Bergenheim@PBN.com.
