RI Commerce Offers Small Businesses PPP Support - Including Those Without Banking Relationships
GoLocalProv Business Team
RI Commerce Offers Small Businesses PPP Support - Including Those Without Banking Relationships
Commerce Secretary Stefan PryorThe Rhode Island Commerce Corporation is urging all small businesses who are interested in receiving Payroll Protection Plan funds to immediately contact their bank or, if they do not have a banking relationship, the state agency is set to provide banking resources.
The first round of PPP funds was exhausted in approximately ten days. A second round of funding was approved by Congress last week and is expected to be exhausted within weeks.
"The coronavirus crisis has impacted our small businesses severely. A key source of relief for small businesses is the federal PPP program, which is likely to start up again tomorrow (Monday),” said Stefan Pryor, Rhode Island Secretary of Commerce.
“So we are reminding small businesses to be in touch with your bank or lender immediately. And we are once again urging you to apply through your lender as soon as possible,” said Pryor.
He adds, “If you continue to be unable to find a lender to process your application, we suggest that you contact the RI Commerce team at [email protected]. We are in communication with lenders who will accept applications from small businesses without preexisting lender relationships."
Commerce urges, "Please free to connect with our partners at the Small Business Development Center, Hispanic Chamber of Commerce, RI Black Business Association, or United Way for guidance and assistance. If you don't have their contact info, please email us at [email protected] and we will share it with you."
