$200M In Coronavirus Relief Available To Small Businesses In RI

PROVIDENCE, RI — The state of Rhode Island is committing $200 million in federal coronavirus stimulus funding to help small businesses, hit the hardest by the pandemic, stay afloat. Applications for the first round of funding will be available in the coming weeks, Gov. Gina Raimondo announced Wednesday.

"The amount of suffering that is going in Rhode Island's economy is really unprecedented — at least in my lifetime," Raimondo said at her now-weekly press conference.

The governor admitted that $200 million is merely "a drop in the bucket" compared to the amount needed to completely save small businesses, but that it's a start.

Rhode Island has the opportunity to remake its economy in the wake of the pandemic, Raimondo said, instead of simply getting back to the way things were before.

"The old normal wasn't that great for a lot of people," she said. "When I got out of high school in the 80s most jobs in Rhode Island only required a high school degree. You could get a really good job with a high school degree. Those. Days. Are. Over."

One-third of Rhode Island's unemployment claims have been from three of its key industries" retail, hospitality and food service. The grant funding is aimed to help these businesses — and others — get back on their feet as the pandemic begins to wane.

The first round of funding will distribute $100 million to qualifying small businesses in grants, up to $15,000 each, with 20 percent of funding reserved for minority-owned businesses. The funding can be uses for re-opening expenses such as cleaning protocols or adding plexiglass barriers, or ongoing costs such as rent payments.

To qualify, businesses must have 20 employees or fewer and will need to prove that "significant" revenue was lost due to the pandemic.

Patch editor Scott Souza contributed to this report.