Small Business Grant Information and Other Funding Resources (Help) - Rhode Island Commerce

Small Business Grant Information and Other Funding Resources

Información en espanol

 

Please find a list of helpful resources below. If you have any questions, please do not hesitate to reach out to us at info@commerceri.com, by calling (401) 521-HELP, or by contacting a Technical Assistance partner located here.

 

SBA Resources

Paycheck Protection Program (PPP) Loan Forgiveness

First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

 

    • Employee and compensation levels are maintained
    • The loan proceeds are spent on payroll costs and other eligible expenses; and
    • At least 60% of the proceeds are spent on payroll costs

Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

 

    • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
    • The loan proceeds are spent on payroll costs and other eligible expenses; and
    • At least 60% of the proceeds are spent on payroll costs
 

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

Click here to learn more.

COVID-19 Economic Injury Disaster Loan (EIDL)

The Economic Injury Disaster Loan (EIDL) program is a federal small business loan program supports small businesses’ recovery from the COVID-19 disaster’s economic impacts by providing accessible and borrower-friendly capital.

 

Click here to learn more and begin the application process.

 

As of September 8, 2021, new COVID EIDL policy changes have taken effect that entail the below updates to the program:

    • Maximum loan cap increased from $500,000 to $2 million
    • Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past or future) and payment of federal debt
    • Extend the deferment period to 24 months from origination for all loans (existing loans with a less than 24-month deferment will be adjusted)
    • Affiliation requirements simplified to an affiliate is a business that you control or in which you have 50% of more ownership
    • Developed additional path to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812
    • Exclusivity Period: From September 8, 2021 to October 8, 2021, the above policy changes will be applicable to applications for <$500K while applications for >$500K will not be approved and therefore receive the policy changes until October 8, 2021
    • See more details on the COVID-19 September 8, 2021 Policy Changes.
EIDL Advance Programs

Applicants for the COVID-19 Economic Injury Disaster Loan (EIDL) may be eligible to receive up to $15,000 in funding from SBA that does not need to be repaid. These “advances” are similar to a grant, but without the typical requirements that come with a U.S. government grant.

To receive an advance, you must first apply for a COVID-19 Economic Injury Disaster Loan. You do not need to accept the loan or be approved for the loan to receive an advance. Once you apply for the loan, SBA will invite you via email to apply for one of the advance programs if your business is located in a low-income area (see below for more detail).

Before you apply, please check the map to ensure you are in a low-income area and review the eligibility criteria below.

Please do not submit duplicate COVID-19 EIDL applications. If you have already applied or cannot find your invitation email, instructions on how to have your application updated or reevaluated are below.

Click here to learn more and apply.

 

Additional Support

Enhanced Capital Rhode Island Fund - Small Business Loan Now Open

Enhanced Capital Rhode Island Fund (“ECRIF”) has received certification to participate in the Rhode Island Small Business Development Fund Program administered by the Rhode Island Commerce.

Click here to apply and learn more.

The Rhode Island Small Business Development Fund Program is a loan program that aims to provide financial assistance to small businesses to retain and create jobs in the state. The program’s primary focus is to provide financial assistance to businesses impacted by the COVID-19 pandemic.

ECRIF is a $20 million fund in formation that plans to provide loans to eligible Rhode Island-based small businesses in following two categories:

  • Micro Loans of $10,000 to $50,000 per company
  • Larger Term Loans of up to $1 million per company

At least $15 million of loans will be provided to “COVID Impacted Businesses” defined as  Rhode Island based businesses with a  33% revenue loss for the period January 2020 through May 2020 over the same period for the prior year, or such other businesses as may be approved by the Corporation, in its discretion, upon request from the Company.

Click here to apply and learn more.

STEP (State Trade Expansion Program)

If you are a small business and an exporter, the State Trade Expansion Program (STEP)  grant can provide you with funding to increase exports. As part of the CARES Act, the SBA has increased the maximum STEP grant reimbursement to eligible small businesses for website development and for design of marketing materials from $3,000 to $6,000. (Reimbursement is based on 50%-75% of the total cost, up to a maximum of $6,000.)

With grant funding, administered by the John H. Chafee Center for International Business at Bryant University with support from Rhode Island Commerce, companies can engage with outside consultants and firms to help develop marketing strategies and materials for international customers. You can review the program guidelines for other ideas of ways to use STEP funding here.

For more information and to enroll in STEP, contact, Mark Murphy at mmurphy27@bryant.edu.

 

 

Where else can I get help?

The Rhode Island Small Business Development Center is available to answer additional questions you may have about SBA loans at no cost. You can register for free, confidential business advice here.

Quick Links

SBA Loans and Non-SBA Loan Information:
Including PPP and additional support

COVID-19 Business Resources:
FAQs, supplies and suppliers, and more

Tech support during COVID-19:
Tech support help

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