Thursday, September 24, 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 announced today.

We spoke with Commerce Secretary Pryor and made it clear that the Coalition feels $50M is not enough, 6 weeks is too long. But gave two specific requests — change the qualifications to include sole proprietors and be inclusive to all, can’t be picking winners and losers. They have listened and announced their final program today.

  • $50M in grants to small businesses affected by COVID
    • Must demonstrate at least 30% revenue loss in severely-impacted industries, 50% revenue loss for other industries (Q2 2020)
  • Must have 1 to 20 employees, sole proprietors included
    • Restaurants and caterers are exempt from this rule
  • Must have a physical presence in RI
    • As well as open or a plan to be open within 60 days

NEXT STEPS

Gather all of your required documents ready now so you can apply right away when the grant application opens this Monday. List of documents required:

  • Business EIN/Tax ID and recent tax return
  • NAICS code for your industry
  • Income statement demonstrating year-over-year revenue loss for the second quarter of 2020
  • Verification of employment
  • Listing of eligible expenses totaling in excess of the grant amount
  • Color copy of owner’s Driver’s License
  • Federal DUNS number (note: this may take up to 24 hours to receive so request this number immediately if needed)
    • Look up DUNS number here
  • W-9 and business banking information for direct deposit

In order to show that $50M is not enough, we need to communicate this far and wide to all small business owners that are eligible and apply right away! The quicker the $50M runs out, the clearer the need for more support is to the Raimondo Administration.

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

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