hode Island Rebounds is an initiative by the State to invest in its children, families, workers, housing, and small business owners through utilization of the American Rescue Plan State Fiscal Recovery Funds. This investment includes funds to assist small businesses as well as hard-hit tourism, hospitality, and event industries impacted by COVID-19.
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Rhode Island Rebounds: Small Business Grant Program
The RI Rebounds Small Business Grant Program provides direct financial assistance to our state’s small businesses that have suffered financially due to the COVID-19 pandemic. Grants are available for either $2,500 or $5,000.
The application will open the week of Monday, January 31, 2022 and will be open for an initial two-week period. After this initial application phase, 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 (MBE/WBE).
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. Online grant calculator and details for calculating 2021 net financial need for new businesses coming soon.
- 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. Child care 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.
For more information and application, kindly visit the official website and apply