McKee Says Raimondo’s Small Biz Program is Insufficient to Save Troubled RI Companies
GoLocalProv Business Team
McKee Says Raimondo’s Small Biz Program is Insufficient to Save Troubled RI Companies
Raimondo’s plan taps $76 million in CARES Act funds. Other existing state funds are being rolled into the program, but are not additional dollars. There is no new state appropriation. McKee had proposed using $125 million in CARES Act funds.
Businesses across Rhode Island have been devasted by the impacts of the coronavirus and, in many cases, are underperforming the rest of the country.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTFellow Democrat McKee said in a statement to GoLocal that Raimondo’s plan simply is not large enough to meet the present need of Rhode Island companies.
“After months of organizing and working with small businesses, this week, my office proposed a Small Business-Friendly Grant Program that would have put $125 million of federal CARES Act funds into the hands of Rhode Island small businesses. While the Governor’s plan makes only a fraction of our proposed investment, we are encouraged that she heard the voice of the small business community and stepped up to address their concerns,” said McKee. “The announcement of this program makes one thing crystal clear: Our work is not done yet. When small businesses come together across industry and community, it can bring about meaningful change. We must keep the momentum building.”
McKee first criticized Raimondo in May for her lack of action to support Rhode Island small businesses in an interview on GoLocal LIVE.
“The success of the state’s newly announced small business grant program will depend on how accessible funds are, how quickly funds are distributed and how many small businesses the funds will ultimately be able to help,” said McKee.
According to Raimondo and Commerce Secretary Stefan Pryor the program will take two weeks to be established and an additional four more weeks to get funding out businesses.
“While it’s a step in the right direction, we also know that $50 million in grants will not be enough to save our small businesses. The funds will buy us time to come up with a long-term strategy to ensure small businesses are a significant piece of Rhode Island’s economic recovery plan. Over the next few weeks, I will be working closely with members of the Rhode Island Small Business Coalition to continue the advocacy that helped us reach this milestone today. I encourage small businesses to stay engaged and join the movement at rismallbusiness.org.,” added McKee.
READ THE OVERVIEW OF RAIMONDO’S PLAN HERE