March 29, 2024

City officials prepare emergency loan fund to assist local businesses

Posted

East Providence, RI – East Providence Mayor Bob DaSilva and city officials, together with local business organizations, are addressing the impact of the COVID-19 pandemic on local businesses.

The City is working on a number of plans to assist local businesses.

“Our City is committed now, more than ever, to offer resources and support to our small and local businesses to help them succeed during this time of uncertainty,” Mayor Bob DaSilva said.

Officials are currently preparing details of an emergency loan fund that would benefit local businesses that may be facing cash flow issues. Loans would be funded through the existing City-administered federal Urban Development Action Grants program. In addition, the City will coordinate with Rhode Island Small Business Administration and area banks to maximize benefits to local businesses. Specifics of this loan program will be announced late next week.

In addition, the City, together with the East Providence Chamber of Commerce is developing a survey (to distributed early next week) to solicit feedback from the local businesses on what assistance is needed during this uncertain time.

The City has been working with the federal delegation in supporting the expeditious passage of a stimulus package that will provide relief to individuals and small businesses. The stimulus package could send two $1,000 checks to many Americans and also devote $300 billion towards helping small businesses.
The U.S. Treasury and the Internal Revenue Service are currently working to implement the following initiatives as a direct result of recently passed legislation.
• Dollar-for-dollar reimbursement for coronavirus-related sick leave costs.
• Employers will be able to use cash deposited with the IRS to pay sick leave wages.
Lastly, the City has compiled a list of resources available to businesses to help businesses address the economic impact stemming from the community spread of Coronavirus:

These resources include:
1.Guidance for Employers from CDC
https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html

2.Disaster Preparedness Checklists
https://www.uschamber.com/coronavirus
https://www.riscpa.org/news-and-events/165/covid-19-business-planning-checklist/view-news

3.SBA Disaster Loan Fund
oAll small businesses in Rhode Island are eligible to apply
oSmall businesses can apply for loans of up to $2 million
oFour-month deferment on loan payments
https://disasterloan.sba.gov/ela?fbclid=IwAR07zWWUZc78__cTdAKIOR5QT22tY7ouUPN9iX2IDvepE06Rt-MxSYfYmTs

4.Emergency Unemployment Assistance
https://oui.doleta.gov/unemploy/disaster.asp
http://www.dlt.ri.gov/ui/fileclaim2.htm

5.Technology Assistance for RI Businesses –Free MS Office 365
http://www.doit.ri.gov/covid-19/

6.Treasury / Internal Revenue Service
https://www.irs.gov/coronavirus

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