Small business grant applications open this week

Small business grant applications open this week

The deadline for the Rhode Island Small Business Relief Program, helping small businesses affected financially by COVID-19, is April 30 at 5 p.m. Applications will open on a first-come, first-served basis this Thursday, April 15.

The program provides grants of $5,000 for Rhode Island small businesses that have suffered financially due to the pandemic.

Grant funds may be used to pay for:

• Wages and/or salaries of employees to avoid furloughs or layoffs;

• Operational costs incurred to enable the business to remain open through the state of emergency;

• Or facilitating the reopening of a business if the business was unable to remain open for a portion of the state of emergency.

The program is designed for Rhode Island small businesses. Applicants must:

• Be small Rhode Island-based for-profit businesses with less than $1 million in 2020 gross receipts (revenue);

• Have received less than $25,000 in state COVID relief financial assistance from the following programs combined: Restore RI Grants, Pause Grants, and Early Bar Closure Grants;

• And demonstrate that they have a COVID-related net financial need of $5,000 or greater. This will be calculated by subtracting the total amount of COVID-related grants or financial assistance received for 2020 from the total drop in gross receipts from 2019 to 2020. Businesses who do not meet the $5,000 requirement may also add COVID-related increased costs or expenses.

Additional eligibility details will be made available soon.

Visit commerceri.com/reliefgrant for more and to receive program updates.