Insights

Rhode Island Rebounds Small Business Grant Program

By Jean Saylor, CPA, Partner

Rhode Island Rebounds was created by the state to assist small business owners through the utilization of the American Rescue Plan State Fiscal Recovery Funds, a way to give back to those in need. The funds are to assist small businesses as well as hard-hit tourism, hospitality, and event industries impacted by COVID-19. The program received unanimous approval by the Rhode Island House and Senate.

Grant Amounts

The RI Rebounds Small Business Grant Program provides direct financial assistance to RI’s small businesses that have suffered financially due to the COVID-19 pandemic. Grants are available for either $2,500 or $5,000.

Application Period

The application is open and will have an initial open period of two weeks. After the initial application period, the program may reopen if funds remain. If the program is oversubscribed before the end of the initial application period, applications will be prioritized based on factors including whether an applicant is one or more of the following: a first-time recipient of COVID-19 assistance from the State of Rhode Island, a very small business, and/or a Minority or Women Business Enterprise.

Application is made through Rhode Island Commerce.

Eligibility

In order to be eligible, you must: 

  • Be a Rhode Island-based business established before October 1, 2021, with less than $1,000,000 in “gross receipts or sales” for 2020 or 2021, that has experienced a revenue loss due to the COVID-19 pandemic.

  • Have a 2021 net financial need of $2,500 or greater. This will be calculated by subtracting the total amount of COVID related grants or financial assistance received for 2021 from the total drop in gross receipts from 2019 to 2021. Businesses that do not meet the $2,500 requirement (or the $5,000 threshold) may also add COVID-related increased costs or expenses. There is an online grant calculator for calculating 2021 net financial need for new businesses. 

  • NOT be one of the following: non-profit organizations, government-owned entities/elected official offices, K-12 or higher education academic institutions, lobbying/political organizations, or real estate and/or landlord businesses. Childcare businesses ARE eligible if they are licensed in Rhode Island; again, non-profit organizations are not eligible. All other industries are eligible.

  • NOT have received funding from either the SBA’s Shuttered Venue Grant Fund or the Restaurant Revitalization Fund.

  • NOT be owned by a nationally or regionally owned franchise.

  • NOT be permanently closed, NOT be on the federal do not pay list, and NOT be in or considering federal bankruptcy or state receivership.

*Note: If you are a sole proprietorship, your annual business revenue must comprise at least 20% of your total annual earnings.

Fund Receipts

To receive the funds, you must have a Data Universal Number and Sam.gov registration. You do not need these to apply but will need them to receive the funds.

Contact Us

If you need assistance with this program, please contact your client engagement team or:

Jean Saylor, CPA
Partner
jsaylor@pkfod.com