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Key Takeaways of the Restore RI Grant Program

For RI Small Businesses Impacted by COVID-19

Eligibility - Who Qualifies for the Restore RI Grants?

To be eligible for a Restore RI grant, a business must meet all of the following criteria: 

  • Operates primarily in an eligible industry (for the list of eligible industries, click here);

  • Experienced a revenue loss due to COVID-19 equal to or greater than: (1) 30% if the business is in a severely-impacted industry (defined as retail trades; scenic & sightseeing transportation; arts, entertainment, and recreation; accommodation and food services; and personal care services); or (2) 50% if the business is in a non-severely impacted industry;

  • Has a physical presence in RI.

  • Has at least one employee for which direct payroll taxes are paid, in addition to the owner;

  • Has a DUNS number;

  • Not a non-profit or tax-exempt organization;

  • Has not declared bankruptcy within the past three years;

  • Does not have any federal, state or local tax liens;

  • Had been in operation prior to or on January 1, 2020;

  • Currently open or has a plan to reopen in the next 60 days*; and

  • For a business that is part of a regional or national franchise with locations outside of Rhode Island, if any of the following apply, the business is not eligible: (1) the applicant is owned in whole or in part by the franchisor or an affiliated entity of the franchisor, (2) the applicant or the entity that owns the applicant is headquartered in another state, or (3) the majority ownership of the applicant is held by a resident of another state and the applicant’s state of organization is other than Rhode Island.

If you have any questions please do not hesitate to contact one of our tax specialists at Restivo Monacelli LLP. We are here to assist you during this time of great uncertainty.