RESTORE RI Small Business Grants

By Jean Saylor, CPA, Partner

Rhode Island has targeted help for its small businesses that have been impacted by the COVID-19 pandemic. In a snapshot, this program will provide grants of up to $15,000 to eligible businesses.

Certain Eligibility Criteria

An eligible business is one that has more than one employee, not including the owner, but no more than 20 employees. The employee cap does not apply to restaurants or caterers.

To be eligible, your business must have incurred a revenue loss of:

• 30% if your business is in a severely-impacted industry defined as retail trades, scenic and sightseeing transportation, arts, entertainment, recreation, accommodation and food services and personal care services, or
• 50% decline if in a non-severely impacted industry.

Timing

The application process opened on Monday, August 3, 2020.

More Information

Additional information about RESTORE RI, including the application, can be found here.

Contact Us

If you would like assistance with RESTORE RI, please contact your client services team or Jean Saylor, CPA, Partner, at jsaylor@pkfod.com.

Visit our COVID-19 Resource Center for more news and insights on related topics.