We’re All In This Together
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There are a number of resources–on the national level, state level and municipal level–that have been enacted to help small businesses during this time of great need. I receive dozens of messages and emails each day asking what’s out there or do I have more information. Below are links to all the application forms and fact sheets that I’m currently aware of, plus some other resources on unemployment insurance and health.
I am taking all information from official web sites and cannot be responsible for any rule or regulation changes–consult with your accountant, lawyer, loan officer, etc. I can recommend those professionals if you need someone.
Jump down to:
- Contact Your Government Representation
- CARES Act General Overviews
- SBA Coronavirus Pandemic Disaster Loans
- Rhode Island Grants and Funding
- City and Town Grants and Funding
- Rhode Island Unemployment Insurance
- Worker Relief Funds
- Other Rhode Island Resources
- Other National Resources
- Mental Health Resources
Contact Your Government Representation
The only way these types of aid get passed is by contacting our representatives at all levels of government and making the need to save small businesses, such as our restaurants, a high priority. Here are contact info and search sites for you to find who you should be talking with.
Senator Jack Reed – 401-528-5200 or 202-224-4642
Senator Sheldon Whitehouse – 401-453-5294 or 202-224-2921
Find Your Representative
– Congressman Jim Langevin – 401-732-9400 or 202-225-2735
– Congressman David Cicilline – 401-729-5600 or 202-225-4911
Governor Gina Raimondo – 401-222-2080 / governor@governor.ri.gov
Speaker of the House Nicholas Mattiello – 401-222-2466 / rep-mattiello@rilegislature.gov
Senate President Dominick Ruggerio – 401-222-6655 / sen-ruggerio@rilegislature.gov
Find your Senator and Representative in the RI General Assembly
CARES Act General Overviews
The Small Business Owner’s Guide to the CARES Act
CARES Act: Unemployment Insurance FAQ
Independent Restaurant Coalition COVID-19 Legislative Responses: Impact For Small Business
SBA Coronavirus Pandemic Disaster Loans
Coronavirus (COVID-19): Small Business Guidance & Loan Resources – overview page with funding options, guidance for businesses and other SBA information
Questions? Contact Mark Hayward, Rhode Island District Director and Regional Administrator for Region I at rhodeisland_do@sba.gov or mark.hayward@sba.gov
SBA Coronavirus Relief Options:
Economic Injury Disaster Loan including EIDL Forgiveness Advance
- Forgiveness Advance of up to $10,000 in 3 business days
- 3.75% interest rate for businesses, 2.75% interest rate for non-profits of up to $2,000,000 for up to 30 years
- Unsecured up to $25,000. No personal guarantee for amounts up to $200,000
- Up to 1 year payment deferral, interest will accrue
- Apply here
- U.S. Treasury Information Sheet
- American Enterprise Institute summary
- Applied via an SBA-certified bank or credit union – find a lender—this is important as I’ve heard from owners around the country who’ve said their bank was not entering this program and they had to find a new bank
- Apply directly for the PPP through the Community Reinvestment Fund and Goldman Sachs
- I’ve also heard it’s recommended you download and review, if not fill out the sample lender form, though your bank may use a modified version
- 1% interest rate, borrow up to 250% of average monthly payroll from the past year capped at $100,000 per employee, up to a maximum of $10,000,000, for up to 2 years
- Up to 6 months deferral, interest will accrue
- Forgiveness: up to 100% as long as loan proceeds amount spent by the borrower during the 8-week period after the origination date of the loan is used for: payroll costs, interest payment on any mortgage incurred prior to February 15, 2020, payment of rent on any lease in force prior to February 15, 2020, and payment on any utility for which service began before February 15, 2020. Employee and compensation levels must be maintained and payroll cost capped at $100,000 on an annualized basis for each employee
- Any advance amount received under the EIDL Forgiveness Advance will be subtracted from the amount forgiven
- Analytix Solutions in Woburn, MA has offered, for free, to figure out your maximum PPP forgiveness amount. Fill out their form.
- For any business that has an existing banking relationship with an SBA-certified lender
- Up to $25,000 with an interest rate not to exceed prime + 6.5%, fixed or variable, for a maximum of 7 years
- The SBA will pay the principal, interest, and fees of the above loans for six months
- Debt relief is automatic, but you should check with your lender
Rhode Island Grants and Funding
Verizon Small Business Recovery Fund
Citizens Bank – LISC Small Business Recovery Grant
Rhode Island Commerce Short-term bridge loans for restaurants and microbusinesses
Rhode Island Foundation and United Way of Rhode Island COVID-19 Response Fund Grants
City and Town Grants and Funding
East Providence COVID-19 Job Retention Loan Program
East Providence Small Business Assistance
Pawtucket Business Development Corporation COVID-19 Emergency Loan Program
Rhode Island Unemployment Insurance
Unemployment Compensation in the CARES Act FAQ
Understanding Rhode Island and Federal Paid Leave and Unemployment Insurance
Rhode Island Department of Labor and Training
Worker Relief Funds
American Farmland Trust Farmer Relief Fund
National Restaurant Association National Restaurant Employee Relief Fund
Southern Smoke Emergency Relief Program
United States Bartenders’ Guild Emergency Assistance Program
Other Rhode Island Resources
Rhode Island Department of Health COVID-19 page
Rhode Island Superior Court Business Recovery Plan
RI Food Policy Council Interactive Food Access Maps
Restaurants with Online Ordering and Take Out
Shop Local Food & Drink Businesses Online
Breweries Offering Curbside Can Sales
Other National Resources
Independent Restaurant Coalition
Restaurant Opportunities Centers United COVID-19 Resources
James Beard Foundation Resources Restaurants and COVID-19
No Kid Hungry Find Free Meals for Kids
Centers for Disease Control and Prevention Coronavirus (COVID-19) page
Mental Health Resources
RI Foundation COVID-19 Behavioral Health Fund Grants
Crisis Text Line – message with a live, trained crisis counselor
Chefs With Issues Facebook Group
Streaming Service Promotions (if it helps, it helps!)
With thanks to my friend Rick Simone of the Federal Hill Commerce Association and Providence Tourism Council
