Wednesday, December 2, 2020        

Restore RI Small Business Grant Program

RISmallBiz - Masthead (2020)

Commerce RI listens to RI Small Business Coalition, makes Restore RI small business grant program more inclusive and simplified, program updated September 22, 2020.

Rhode Island Commerce announced that the Restore Rhode Island grant program expansion launched on, Tuesday, September 22. This new round will feature expanded program eligibility, an updated application process with reduced documentation for all applicants, and other new program features. In the seven weeks since the program began receiving applications, nearly 900 Rhode Island small businesses have already received Restore RI grants totaling approximately $8M.

Key Program Changes

    • More businesses are now eligible including sole proprietors and businesses without employees and businesses with up to 50 FTEs
    • Streamlined grant amount calculation process: any eligible business with at least 30% revenue loss in a month March to July may now apply.
    • Fewer documents to upload for all applicants

Important note: if you are a business who has already applied for the Restore Rhode Island grant program and was previously deemed ineligible (perhaps because you were a sole proprietor with no additional employees) you will NOT need to reapply for the program. To request your previous application be reactivated, contact Commerce here.

NEXT STEPS

All applicants:

  • Most recent business tax return (sole proprietors must provide schedule C), ownership information, Business EIN/Tax ID
  • Revenue (sales) records for a month March to July of 2020 and for either the same month in 2019, January 2020 or February 2020.
  • DUNS number (federal requirement to receive grant funds). You may request one here. Important: when prompted to select the “Primary Reason for DUNS Number Registration,” please select “I’m a US Government Contractor or Grantee” from the dropdown menu. Selecting any other option could result in a 30 day wait for your DUNS number.
  • Records of your eligible expenses and information about state or federal funding you’ve received, including PPP, EIDL, Pandemic Unemployment Assistance, Unemployment Insurance, among others.
  • Owner info: government ID (e.g. driver’s license), SSN, and most recent tax return

Applicants with employees or independent contractors will also need:

  • A completed grant calculatordownload the template for the grant calculator here
  • Employment and/or contractor tax records. Applicants must have their IRS 941 or RI-TX 17 from Q1 or Q2 of 2020 and 2019 IRS 1099s if listing independent contractors.
  • Current bank statement for the business

We will continue to update you as we get more information, and here to help you to ensure you apply quickly and accurately. 

LEARN MORE