Coronavirus: East Providence Emergency Local Business Fund

EAST PROVIDENCE, RI — East Providence is looking at ways to help local businesses devastated in the coronavirus pandemic shutdowns. East Providence Mayor Bob DaSilva said his office is working with local businesses to address the impact of closing bars, restaurants and many other 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.

The Mayor's Office said it is 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. The Mayor's Office said 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.

The Mayor's Office said 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 compiled a list of resources available to businesses to help businesses address the economic impact stemming from the community spread of Coronavirus:

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
o All small businesses in Rhode Island are eligible to apply
o Small businesses can apply for loans of up to $2 million
o Four-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