For full details AND application materials visit here or for any additional questions about the Restore RI program or application, please contact the RI Commerce Small Business Hotline at (401) 521-HELP or email firstname.lastname@example.org.
Restore RI from Rhode Island Commerce is targeted at small businesses that have been most severely impacted by the COVID-19 pandemic. The program will provide eligible businesses with grants of up to $15,000. Businesses with more than one employee (in addition to the owner) but not more than 20 are eligible for this program. Sole proprietors with at least one employee are also eligible to apply. Note: restaurants and caterers are not subject to the employee cap for purposes of qualification.
ELIGIBILITY – WHO QUALIFIES:
To be eligible for a Restore RI grant, a business must meet all of the following criteria:
- Operates primarily in an eligible industry;
- Experienced a revenue loss due to COVID-19 equal to or greater than: (1) 30% if the business is in a severely-impacted industry (defined as retail trades; scenic & sightseeing transportation; arts, entertainment, and recreation; accommodation and food services; and personal care services); or (2) 50% if the business is in a non-severely impacted industry;
- Has a physical presence in RI.
- Has at least one employee for which direct payroll taxes are paid, in addition to the owner;
- Has a DUNS number;
- Not a non-profit or tax-exempt organization;
- Has not declared bankruptcy within the past three years;
- Does not have any federal, state or local tax liens;
- Had been in operation prior to or on January 1, 2020;
- Currently open or has a plan to reopen in the next 60 days*; and
- For a business that is part of a regional or national franchise with locations outside of Rhode Island, if any of the following apply, the business is not eligible: (1) the applicant is owned in whole or in part by the franchisor or an affiliated entity of the franchisor, (2) the applicant or the entity that owns the applicant is headquartered in another state, or (3) the majority ownership of the applicant is held by a resident of another state and the applicant’s state of organization is other than Rhode Island.
Limit on multi-location applicants: Businesses with shared ownership can receive grants for up to three businesses they own and operate in the state of Rhode Island.
*Businesses that have not yet reopened may receive up to $1,000 prior to reopening.
APPLICATION PROCESS AND INSTRUCTIONS:
Applications will be available on Monday, August 3, 2020. To receive updates on the Restore RI program, please sign up using the form at the bottom of RI Commerce’s page here.
Completed applications will be approved on a first-come, first-served basis. Applications will be time-stamped upon receipt.
To accommodate the high demand for the program and to provide for an effective distribution of funds throughout the state, the program may be adjusted from time to time to ensure the fair allocation of funding. If additional program funds remain after initial application rounds, eligibility criteria and other program parameters may be adjusted.
Applications will be time-stamped when completed and will be reviewed on a first come, first served basis. Note: only completed applications will be reviewed.