Rhode Island is on Pause – New Grant Program to Help Sustain Businesses
By Jean Saylor, CPA, Partner
last week, Governor Raimondo announced a pause for certain businesses to take effect November 30, 2020. It is expected to continue for two weeks. The specific businesses affected are restaurants, bars, caterers, food trucks with active meals and beverage accounts, as well as indoor recreation facilities, gyms/fitness centers and event support professionals.
To help sustain these businesses, the State has provided a grant program to make available grants from $500 to $50,000. The grants are to be used for operational costs to allow the business to remain open and pay its employees during the pause as well as assist with expenses incurred in the reopening.
To qualify you must show and attest to the monetary loss to your business, be registered and filing taxes with RI Division of Taxation, be a viable business, not in or considering federal bankruptcy or state receivership and have proof of impact. If applicable you must also maintain an active meals and beverage account with the state as well as filed and paid sales tax and meals and beverage tax.
Applications are available at www.tax.ri.gov/RIonPause and the deadline to apply is December 11, 2020.
For more information, please contact your client services team or Jean Saylor, CPA, Partner, at firstname.lastname@example.org.