PROVIDENCE – The state’s new small-business grant program will temporarily stop accepting applications at noon today, according to Matt Sheaff, director of communications and stakeholder outreach for R.I. Commerce Corp.
Just under 1,500 businesses had submitted the first of the two-part application process for the Restore RI grant program as of Friday morning. In launching the program on Monday, R.I. Commerce announced that it would accept applications in rounds, with a 1,500 cap on the first round.
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Even if the program reaches the 1,500-mark this morning, applications will still be accepted through noon, Sheaff said.
R.I. Commerce anticipates the program will reopen for new applicants at the end of next week, and there is still ample money available in the $50 million program, Sheaff said.
Total dollars requested from already submitted applications was not available.
Under the terms of the program, eligible small businesses can receive up to $15,000 to offset COVID-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.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
