PROVIDENCE – The expansion of the Restore Rhode Island grant program will begin on Tuesday, according to the state.
R.I. Commerce Corp. said the program will cover sole proprietors and businesses without employees, and businesses with up to 50 full-time equivalent employees, in addition to companies that were already eligible.
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The grant program, which launched in early August, was originally limited to businesses with one to 20 workers.
Businesses in eligible industries with at least 30% year-over-year revenue loss in a month from March to July will now be able to apply to the program. Previously, only businesses in “severely impacted” industries, such as retail, food services and arts and entertainment, were eligible for the 30% threshold, while other businesses had to prove a comparable 50% loss.
The applications process for the grant program has also been streamlined, requiring fewer documents, Commerce said.
“The COVID-19 pandemic has hit the small-business community hard and our team is working day and night in order to support more and more small businesses,” said Commerce Secretary Stefan Pryor. “We are pleased to be expanding program eligibility this week so we can assist a broader array of small businesses. If you own or operate a small business and want to find out more about this grant program, please join one of our upcoming information or technical-assistance sessions.”
Commerce noted that if a business has already applied for the Restore Rhode Island grant program and was previously deemed ineligible, they may reach out to reactivate their application online, instead of reapplying.
Grants from the program range from $1,500 to $15,000. To date, 900 small businesses in the state have received nearly $8 million from the program, which began with a total funding allocation of $50 million. Recipients have so far included more than 300 restaurants,100 retail businesses and 100 personal-care businesses.
A full list of eligibility requirements may be found online.
