COVID-19 RELIEF PROGRAMS
The US Small Business Administration (SBA) has several pandemic relief programs available to Rhode Island businesses.* There is still time to apply, and funds are available on a first come, first served basis.
Have Questions or Need Assistance?
SBA Loan Programs
Paycheck Protection Plan (PPP) Updates
The SBA is currently offering PPP loans originated only by participating community financial institutions including Certified Development Companies (CDCs), SBA Microlenders, Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs) until May 31, 2021 or until remaining funds are exhausted.
Free Financial Assistance Available - PPP Loan Forgiveness Applications
Businesses may qualify for full loan forgiveness on their first and second draw PPP loan.
The Rhode Island Society of Certified Public Accountants (RISCPA) has partnered with RI Commerce Corporation to offer FREE CPA assistance to RI based small businesses on a limited basis.
Business owners can receive help with preparing financial reports to submit applications for PPP loan forgiveness. Please contact either Melissa Travis or Maggie Lague at Covid@riscpa.org or 401-331-5720
Additional technical support is being offered by several Rhode Island business associations **
**Information is sourced from Rhode Island Commerce Corporation and official Rhode Island Commerce Corporation communications.
COVID-19 Economic Injury Disaster Loan
The COVID-19 Economic Injury Disaster Loan (EIDL) program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19.
The SBA is accepting new COVID-19 EIDL applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations. Apply Now
For EIDL applicants seeking EIDL Increases, please refer to the SBA's latest Frequently Asked Questions for COVID-19 Economic Injury Disaster Loan (EIDL)
SBA Debt Relief Program
The SBA debt relief program is available to existing borrowers and provides payments on certain SBA-backed loans, including 7(a), 504 and microloans, to help small businesses.
As a part of the CARES Act, SBA is authorized to pay six months of principal, interest, and any associated fees that borrowers owe for all 7(a), 504, and Microloans reported in regular servicing status, excluding PPP and EIDL loans.
Borrowers need not apply for this assistance. SBA provides this assistance automatically.
Shuttered Venue Operators Grant
The Shuttered Venue Operators Grant (SVOG) program provides financial aid for struggling operators of live venues, performing arts organizations, museums and movie theaters.
Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
Video tutorial walkthrough of application process.
Applications for the SVOG program are available on a first come, first served basis. Apply Now