Other COVID-19 SUPPORT Programs Announced by Governor Raimondo
In addition to the Restore RI program, Rhode Island has secured additional funding sources to assist with the state’s recovery efforts.
Below are resources to assist small businesses in the wake of economic challenges presented by the pandemic. Bookmark this page and check back often for updates. Please scroll down to see all programs.
$3.5 million to support business repositioning. Creation of a Repositioning program that will fund small businesses’ short-term efforts to reposition their businesses by the end of Calendar Year 2020.
Technical Assistance and Other Business Supports
$5.5 million to support Technical Assistance and Other Business Supports. Funds provided for a broad range of technical assistance and other business supports to assist small businesses with financial planning and adapting their businesses to the new economic landscape. $1 million to support businesses navigating receivership. Up to $2.5 million to non-profits. $1 million in direct payments to small businesses to access assistance from professionals such as CPAs and financial advisors.
Small Business Development Fund
$20 million from the Small Business Development Fund which the General Assembly authorized during the last legislative session. This funding will enable us to offer loans of a size that exceeds the grant amounts. $5 million application for additional federal grant funding (beyond Rhode Island’s CARES Act funding) to support tourism and hospitality.