US Department of Treasury: Paycheck Protection Program

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

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SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

The Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

• Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
• Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
• Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
• Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
• Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The documents released today will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.

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SBA Working Capital Loans Available Due to Coronavirus

We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic. 

On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

Also, we encourage you to subscribe to our email updates via www.SBA.gov/Updates and follow us on Twitter at @SBAgov for the latest news on available SBA resources and services. If you need additional assistance, you can find your local SBA office and resource partners at www.SBA.gov/LocalAssistance. If you have questions, you may also call 1-800-659-2955.

Guidance Resources for Paycheck Protection Program/EIDL

https://www.uschamber.com/

Ongoing Resources

OSHA RI Resources - https://bit.ly/2VRjwCZ

REOPENING RI: CHARTING THE COURSE - Website https://www.reopeningri.com/

CDC Interim Guidance for Businesses - https://bit.ly/2KswGjv

Rhode Island Job Board - www.SkillsForRI.com

Face Mask Local Platform - New local online platform to match buyers and sellers of face masks in Rhode Island https://masksri.com/

Face Mask Tutorial - A CDC tutorial for do-it-yourself cloth face masks is available at: https://www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/diy-cloth-face-coverings.html

Additional information available here: https://commerceri.com/masks/ 

RIDOH Dashboard - The Rhode Island Department of Health released a new, highly improved dashboard which tracks COVID-19 testing results, cases, hospitalizations and fatalities. The dashboard is available here https://ri-department-of-health-covid-19-data-rihealth.hub.arcgis.com and can also be accessed from the home page of the Alliance website www.riabr.org 

Unemployment Insurance - Dept of Labor & Training (DLT) unemployment insurance now available for Contact (1099) Workers such as Gig economy workers, contract workers, small business owners, workers for hire, self-employed, or others ineligible for regular unemployment insurance benefits can apply for emergency COVID unemployment insurance with DLT here https://covidemergencyuibenefits.dlt.ri.gov/ 

CVS COVID Testing - CVS opened a no-cost Coronavirus rapid-test drive through facility at Twin River in Lincoln, RI. Appointments are required but physician referral is not required. Further information is available on the CVS Minute Clinic site at this link: https://bit.ly/3aPfpMM 
 

From Rhode Island Department of Labor & Training: COVID-19 Emergency Unemployment Update

The application for COVID-19 emergency unemployment insurance benefits is now available. If you are a gig economy worker, contract worker, small business owner, worker for hire, self-employed, or are otherwise ineligible for regular unemployment insurance and are out of work because of COVID-19, please apply for unemployment benefits below.

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Rhode Island Foundation: COVID-19 Response Fund Grants

COVID-19 Response Fund Grants are available to Rhode Island nonprofit organizations at the forefront of COVID-19 response, thanks to many generous donors, and a partnership between the Rhode Island Foundation and United Way of Rhode Island.

Grants will be awarded to:

• Support nonprofit organizations providing direct assistance to Rhode Islanders with financial need or demonstrable hardship resulting from COVID-19.
• Provide operating support to nonprofit organizations that are meeting community needs resulting from COVID-19, and are in financial distress.
• The grants will aim to complement the work of public health officials by expanding local capacity to address the outbreak’s social, health, and economic impacts in the short and long term.

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Rhode Island Commerce: Bridge Loans for Micro-businesses and Restaurants

Rhode Island Commerce, in partnership with Local Initiative Support Corporation (LISC), the Rhode Island Hospitality Association and Bank Newport, is launching a short-term bridge loan program for our restaurants and smallest businesses (businesses must have 1 to 10 employees to be eligible; restaurants may have any number of employees).

The program is funded through $1 million from the Rhode Island Commerce Corporation’s Small Business Loan Fund and $1 million from Bank Newport. 

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From Commerce RI: Message to Small Business Owners, New Tech Resources for Small Businesses

If you need help with technology in order to minimize in-person interactions as a result of coronavirus, RI's leading tech businesses are volunteering free 45-minute remote support sessions.

This help includes assistance with home technology, online meetings, e-commerce, remote working security, and more.

Coaches with various specialties are available from Monday-Friday, 1 PM - 5 PM. Small businesses can sign up for a coaching session with the specialist of your choice here.

HealthSource RI: Did you lose your health coverage?

Lost health coverage through your job and need to sign up? Did you know that HealthSource RI offers a Special Enrollment Period (SEP) for Rhode Islanders experiencing life changes, such as getting married, having a baby, moving to RI, or losing/changing jobs?

For Rhode Islanders who are also experiencing a change in income, plans through HealthSource RI may be more affordable than COBRA coverage or other options since financial assistance is available. Individuals making less than $51,040 annually and a family of 4 making less than $103,000 annually are eligible to receive financial assistance.

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RI Superior Court Business Recovery Plan

Presiding Justice Alice B. Gibney has announced the start of a business protection program, the Business Recovery Plan, in response to disruptions caused by COVID-19. The court will provide supervised protections for Rhode Island businesses so they can remain operational, access new working capital, and pay debts.

The court will use a non-liquidating receivership model, which will keep the business and its assets intact. The court will appoint a receiver to oversee the preparation of an operating plan for businesses in the program. Once new working capital, such as disaster relief or small business assistance, is accessed by the business, it will be able to maintain operations, address its debts, and begin to generate revenues again.

The COVID-19 pandemic is disrupting, and in some cases, forcing businesses to close which negatively impacts the state’s economy. Businesses that were not in default on its debts prior to the pandemic are eligible to file a petition with the Superior Court and will be assigned to the business calendar.