Paycheck Protection Program (PPP)
The U.S. Small Business Administration has made some very important changes to the Paycheck Protection Program.
In addition to extending the Covered Period, they are now providing for greater flexibility making it easier to have your loan forgiven. You should familiarize yourself with these changes by visiting www.sba.gov/funding-programs.
Search in your region and inside your industry for specific help and advice that relates to your business and your situation.
Other Government support
You can also apply for the Economic Injury Disaster Loan (EIDL) which is a $10k cash advance that doesn’t need to be repaid. Use the funds to keep employees on the payroll, pay for sick leave, meet any increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent, and mortgage payments. The online application is here.
The Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with us to access up to $25,000 quickly. These loans can be used to bridge the gap while waiting for PPP funds to be paid or other delays. This is a loan and so will need to be repaid (unlike the PPP if the forgiving criteria is met).
If you have any existing SBA loans, you’ll automatically be eligible for SBA Debt Relief. The SBA will automatically pay the principal, interest, and fees of any current 7(a), 504, or microloan issued prior to September 27, 2020 for a period of six months. This increases the amount of cash you have available to keep your business up and running.
- State of Rhode Island Department of Health
A list of business and non-business help and support.
- Re-opening Rhode Island
Resources and help in the various re-opening phases.
- Rhode Island Commerce
The official full-service, economic development organization for the state of Rhode Island.
- Rhode Island Hospitality
Lodging, restaurant and tourism industry association.
- City of Providence business help
Each city/town is likely to have resources and help.
- Chambers of Commerce
Local chambers can help, find your local, this is Southern Rhode Island.
- Massachusetts relief fund
Supports those across the state most impacted by the COVID-19 health crisis, focusing on essential frontline workers and vulnerable populations.
- Chambers of Commerce
Local chambers can help, find your local, this is the Greater Boston Chamber of Commerce.
The State Administration working to respond to the ongoing COVID-19 outbreak and keep Massachusetts residents safe and healthy.
- Massachusetts Small Business Development Network
Help, training and support.