UPDATED: Commerce RI Expands Small Business Grant Program - More Businesses Eligible

UPDATED: Commerce RI Expands Small Business Grant Program - More Businesses Eligible

Commerce RI tells GoLocal that the $50 million Restore RI small business grant program is being significantly expanded -- more businesses will be eligible and will now include businesses up to 50 employees as well as sole proprietors.

"We expect to further increase eligibility for the program as we said we would, opening up the application process to sole proprietors and other small businesses without employees by the end of next week," Matt Sheaff, spokesperson for Commerce tells GoLocal.

New Guidelines

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

"We will also be lifting the cap on the number of employees a business can have from 20 employees to 50 and reducing the percent of revenue loss that non-severely businesses must demonstrate --making even more businesses eligible to apply for the program," said Sheaff. 

"The Commerce team has also worked to further streamline the application process while at the same time adhering to the checks and balances that the Federal Cares Act requires," he added. 

In the six weeks since the Raimondo Administration's Restore Rhode Island application period has opened, over 800 of the state's small businesses have already received grants totaling over $7 million dollars. "We expect to further increase eligibility for the program as we said we would, opening up the application process to sole proprietors and other small businesses without employees by the end of next week," added Sheaff.

More information will be posted online at http://www.commerceri.com by the beginning of next week and we will begin accepting new applications under these expanded rules by the end of next week.