SBA – Status of Availability
Answer: “The health and safety of our employees is our number one priority. SBA has deployed technology solutions to assist small businesses with any of their needs while also ensuring the safety of our staff and adhering to the CDC guidelines. ”
General: Economic Injury Disaster Loans
How can I get information on SBA’s disaster loan program?
Answer: Small businesses can visit our website at www.sba.gov/disaster, call us at (800) 659-2955 (TTY: 1-800-877-8339) or email firstname.lastname@example.org. Also, local district offices are having Webinar’s to cover the essentials of applying for loans.
When can I apply for an economic injury disaster loan?
Answer: Now ! All of southern New England has been approved for SBA disaster loans: Rhode Island, Connecticut, Massachusetts. Now a business owner can access the application online at www.sba.gov/disaster.
How do I apply for an Economic Injury Disaster Loan?
Answer: Visit SBA at www.sba.gov/disaster and apply online using SBA’s Electronic Loan Application.
I have questions about the application, is there someone I can speak with to help me?
Answer: Yes. Please contact our disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com. or reach to your local SBA district office.
What documents will I need to submit my application?
Answer: Depending on a small businesses specific situation, we may need different documentation to capture the business’s information, liabilities, and other important financial information. Examples of the type of documents you may be asked for are: signed and completed SBA application form 5, an IRS Tax Authorization, copies of your most recent federal tax return, a personal financial statement and a schedule of liabilities. Some documents my not be required, EIDL applications less than $500k, they are waiving the submittal of business tax returns.
How much can I borrow?
Answer: The maximum loan amount is up to $2 million. The loan amount is based on the working capital needs caused by the coronavirus so the business can meet its ongoing obligations.
What are the terms of the Economic Injury Disaster Loan?
Answer: The interest rate is 3.75 percent for small businesses and 2.75 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
How long will it take to know if I am approved for a loan?
Answer: We are processing applications as soon as possible. Some are even processed as fast as within a few days.
Does SBA have any grants available to small businesses?
Answer: No. Our disaster assistance is in the form of federal low-interest, long term loans.
Does SBA require collateral?
Answer: It’s important to note that for the first $25,000 no collateral is required. Over $25,000 you may be required to pledge available collateral.
Can SBA refinance my loans or mortgages?
Answer: SBA economic injury disaster loan funds cannot be used to refinance pre-existing debt.
What can I use the SBA Economic Injury Disaster Loan for?
Answer: Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact.
Does the SBA have a seat on the federal coronavirus task force?
Answer: All federal agencies are working together in a whole-of-government approach to protect public health, including the SBA. The Agency’s major focus is to provide assistance to small businesses impacted by this health emergency with Economic Injury Disaster Loans, counseling, mentoring, and preparedness services across the country.
The President mentioned he wanted to limit the damage to people and our country; how is the SBA helping to limit the damage to small businesses?
Answer: The SBA is offering Economic Injury Disaster Loans of up to $2 million per small business, in addition to accessing other loan resources for working capital and offering all of our counseling, mentoring, and preparedness services across the country. Information on these resources can all be found at www.SBA.gov.
The Emergency Paid Sick Leave Act
In response to the coronavirus (COVID-19) pandemic, on March 18, 2020, Congress enacted a bill providing various forms of relief, including two separate laws mandating that employers give employees paid leave for specified purposes related to COVID-19. The two leave laws are the Emergency Family and Medical Leave Expansion Act, and the Emergency Paid Sick Leave Act. The leave mandates take effect no later than 15 days after passage (April 2, 2020) and sunset on Dec. 31, 2020.
This page highlights key requirements of the Emergency Paid Sick Leave Act (the Act).
The Act applies to all private employers with fewer than 500 employees, and all government employers.
All employees are covered, regardless of the length of their employment with their current employer. However, employers may choose not to provide paid sick leave to employees who are health care providers or emergency responders.
Paid Sick Leave
All full-time employees, regardless of the length of time they have worked for their employer, are entitled to 80 hours of paid sick time, available for immediate use. Part-time employees are entitled to an amount of paid sick time equal to the average number of hours they work over a two-week period.
Paid sick time may be taken when the employee:
An employer may require an employee to follow reasonable notice procedures after taking leave the first time.
Under the Act, employers must pay employees at their regular rate of pay if the employee is taking leave for a reason related to their own symptoms of COVID-19 or exposure to the illness (reasons 1-3 in the list above). Compensation for these workers is capped at $511 per day and $5,100 per month. Employees who are taking leave to care for family members (reasons 4 and 5 in the list above), and employees whose leave falls under reason 6 in the list above are only entitled to be paid at two-thirds of their regular rate.
Employer Notice Requirements
The Department of Labor is charged with making a required employer notice available within one week of the law’s passage. Employers must post the notice in conspicuous places on their premises, where notices to employees are customarily posted.
Employers who violate the new paid sick leave law will be subject to penalties under the federal Fair Labor Standards Act.
Employers are entitled to a credit against the tax imposed by section 3111(a) or 3221(a) of the IRS Code for each calendar quarter of an amount equal to 100% of qualified sick leave wages paid. Tax credits are also available for the self-employed.
We want to assure you that we take the health and well-being of our community, customers, and associates very seriously. Like you, we're closely monitoring the quickly developing effects of the Coronavirus (COVID-19) pandemic
We are all in this together. We will continue to monitor the COVID-19 situation and will follow guidance from public health officials and government agencies, so we can continue to support our customers and communities as needed. See below for list of businesses open!
Emergency Loans Now Available for R.I. Small Businesses
Yesterday the U.S. Small Business Administration approved Governor Raimondo's application for assistance and will offer low-interest federal disaster loans for working capital up to $2 million to Rhode Island small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Applicants may apply online, receive additional disaster assistance information, and download applications at: https://disasterloan.sba.gov/ela [r20.rs6.net].
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. If a paper forms are preferred, they can be accessed here [r20.rs6.net].
If your business has questions regarding SBA loans and access to capital, please call RI Commerce's Small Business Hotline at (401) 521-HELP or e-mail email@example.com.
Free Digital Tools including Video Conferencing for R.I. Businesses
Microsoft has agreed to provide their Office 365 E1 program for free for six months to all R.I. employers.
That includes web-based Microsoft Office applications, resources to support telecommuting such as meetings and instant messaging, as well as remote file sharing.
This offer extends to businesses of all sizes — whether you have one employee or one thousand employees
To learn more on how to access these offerings, visit the dedicated webpage here [r20.rs6.net].
Other companies have also made a number of tools available:
· Cisco is offering free WebEx video conferencing [r20.rs6.net] and a remote-work adoption toolkit to help guide businesses in their transition to working at home.
· Google is offering free access to their Hangouts Meet [r20.rs6.net], another video conferencing system, for all of their GSuite and GSuite education customers.
· Schools and school districts can contact Zoom [r20.rs6.net] and the company will lift their 40-minute meeting limit on their free basic accounts.
SBA Disaster Assistance in Response to the Coronavirus
• The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
• Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).
• SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
• Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated on our website: SBA.gov/disaster.
• SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
• These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
• SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
• SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
• For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail firstname.lastname@example.org. • Visit SBA.gov/disaster for more information.
Coronavirus Special Topic
Conference Call Series
Conference Call Topics Force Majeure, Cyber Risks in Teleworking, SBA Disaster Loan Available, HR Considerations in Teleworking, ThomasNet Manufacturing Survey Results, Aerospace/Defense related Issues and more!
Please join the Small Business Administration and the U.S. Department of Commerce for our special topic conference call series. This series of conference calls will run throughout the Spring 2020.
Registration for this series is FREE. Please register using the button below, you only have to register once as the conference call details will be identical for every topic.
Schedule:Wednesday, March 18, 2020 (1pm-2pm Eastern)Force Majeure both for Contracts/Suppliers, Cancellation of Trade Shows Robinson & Cole LLP partners Jeff White and Taylor Shea will discuss the impact that coronavirus is having or may have on commercial transactions, including in the supply chain. They will discuss some of the basics surrounding “force majeure” clauses and how companies can plan for and react to the current health emergency.
Thursday, March 19, 2020 (1pm-2pm Eastern)ThomasNet Survey and How Business are Coping Thomas, North America’s leading industrial sourcing and marketing platform, surveyed over 1,000 manufacturing companies to understand coronavirus’ immediate impacts on North American manufacturing. Listen to their results and discussion. Speaker: Tony Uphoff, CEO, ThomasNet
Tuesday, March 24, 2020 (1pm-2pm Eastern)SBA Disaster LoanThe SBA will be providing to small businesses Impacted by Coronavirus (COVID-19) Up to $2 Million in Disaster Assistance Loans. Wendell Davis, Regional Administrator, SBA will discuss the SBA’s Economic Injury Disaster Loan program and how eligible companies can benefit from the program.
Wednesday, March 25, 2020 (11am - 12pm Eastern)Aerospace/Defense Supply Chain Firms—Evolving Business Practices and Business Development Strategies Amidst COVID-19Hear from the Midlands Aerospace Alliance and Netherlands Industries for Defense & Security about how COVID-19 has affected their member firms, strategies European firms have employed to keep business moving forward, and an idea exchange for how transatlantic business relationships can be maintained amidst the rapidly evolving COVID-19 situation.
Speakers: Dr. Andrew Mair, Chief Executive, Midlands Aerospace Alliance
Mr. Peter Huis in ’t Veld, Business Development Manager, Netherlands Industries for Defense & Security (NIDV)
Wednesday, March 25, 2020 (1pm-2pm Eastern)Cyber Security Concerns While Teleworking Employees that normally work from their work PC are now using personal equipment and residential internet access. What are the risks and best way to mitigate.
Speakers: Andy Sauer, Director of Cybersecurity, Steel Root
Shahryar Shaghaghi, Principal, CohnReznick Advisory
Thursday, March 26, 2020 (1pm- 2pm Eastern)Employment Issues Related to TeleworkingMatthew T. Miklave, Partner, Robinson & Cole LLP will discuss HR issues presented by coronavirus and off site working along with federal, state and local policies.
Registration for this series is FREE. Please register using the link below, you only have to register once as the conference call details will be the same for every topic. Please check this web page frequently for updates.
Register Here Series Details
Register Here Series Detail
SBA Rhode Island District Office380 Westminster Street, Suite 501
For the latest information about COVID-19, please visit the official page of the Rhode Island Department of Health.
For most recent info on Coronavirus Disease 2019 (COVID-19)
visit the Rhode Island Dept. of Health: https://health.ri.gov/
contact 401-222-8022 (Mon-Fri 8:30am-4:30pm) or email RIDOH.COVID19Questions@health.ri.gov
After hours: Call 211
If companies have questions regarding access to capital and other lending options, please call the Small Business Hotline at (401) 521-HELP or e-mail email@example.com.
The Department of Labor and Training stands ready to assist employees and employers who are affected or have questions. DLT is increasing the flexibility and manageability of the Temporary Disability Insurance (TDI) and the Unemployment Insurance, including waiving the seven-day minimum amount of time and previously required medical certification. Affected businesses with questions on Unemployment Insurance, Paid Sick and Safe Leave, or other work-related programs should contact the DLT by emailing firstname.lastname@example.org or calling (401) 462-2020.
Additionally, Commerce is working with the Small Business Administration on unlocking emergency tools at the federal level. If a business has been affected by this event, we are asking them to fill out this estimated disaster injury worksheet. Accurate responses to the questions below will assist in evaluating a request for an economic injury disaster declaration from the U.S. Small Business Administration. This survey can be found here: https://www.surveymonkey.com/r/estimated-disaster-economic-injury-worksheet
If your business would like to provide a charitable donation, please reach out to email@example.com for more information.
For more updated information on Commerceri services and efforts, please visit http://commerceri.com/covid-19
How to Navigate the Coronavirus Crisis
The BBB is Committed to help business owners manage the current situation of COVID-19, the disease caused by the novel coronavirus, currently disrupting supply chains, customers, and the lives of employees. It's important to remain calm, stay informed and take proactive measures in keeping the health and safety of everyone a top priority.
BBB recommends the following tips for businesses in handling customer, employee and business relations in light of coronavirus concerns: read more >>
INITIAL SILVER CREEK BRIDGE DETOUR STARTS MARCH 2
The Rhode Island Department of Transportation will be reconstructing the Silver Creek Bridge on Hope Street in Bristol. Southbound traffic, into downtown Bristol, will be in place during all construction. Northbound traffic will be detoured. Pedestrian and bike traffic will be allowed throughout construction. RIPTA will be posting updated schedules to accommodate the detour route.
When is it Happening?
The SB “one way” travel over the bridge and NB detour will be in place from March 2 to mid-June. Two-way traffic will be in place from mid-June through the 4th of July Parade. The SB “one-way” and NB detour will return on July 6 and continue until the estimated end of construction, prior to Labor Day.
RIDOT Business Outreach David Walsh | 401-479-4506
Marshall Building and Remodeling awarded Angie's List Super Service Award 11th Year in a Row!
"Service pros that receive our Angie's List Super Service Award represent the best in our
network, who are consistently making great customer service their mission," said Angie's List Founder Angie Hicks. "These pros have provided exceptional service to our members and absolutely deserve recognition for the exemplary
customer service they exhibited in the past year."
Angie's List Super Service Award 2019 winners have met strict eligibility requirements, which include maintaining an "A" rating in overall grade, recent grade and review period grade. The SSA winners must be in good standing with Angie's List and undergo additional screening.
Service company ratings are updated continually on Angie's List as new, verified consumer reviews are submitted. Companies are graded on an A through F scale in multiple fields ranging from price to professionalism to punctuality.