PROVIDENCE – Another 100 small businesses have applied for grants under the state’s Restore RI program, with no plans to cap or close the second round, according to Matt Sheaff, director of communications and stakeholder outreach for R.I. Commerce Corp.
The newly unveiled small-business grant program reopened to new applicants for a second round on Aug. 15. The initial round, which was capped at 1,500 applicants, hit its limit on Aug. 7 – less than five full days after launching – with roughly $10 million to $15 million in grant funds requested, according to Sheaff.
The total amount requested in the second round thus far was not immediately available.
Asked why R.I. Commerce, which originally planned to accept applications in multiple rounds, decided not to cap the second round, Sheaff said the agency is “comfortable with the pace of the applicant flow.”
The $50 million program offers eligible small businesses grants of up to $15,000 to offset COVID-19-related revenue loss, with the amount determined by the number of employees and revenue lost. Those in “severely impacted” industries such as retail, food services and arts and entertainment must prove at least 30% revenue loss, while those in other eligible industries must demonstrate a 50% loss in revenue. Eligible businesses must have at least one but no more than 20 employees.
(The story has been updated to correct the number of applications submitted in the second round.)
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
