LAST UPDATED: April 27, 2020
On April 24, 2020, President Trump signed into law, additional funding into the Payment Protection Program. This time, smaller businesses may have a better chance at receiving funds. The new bill provides $30 billion specifically for community lenders, small banks and credit unions. An additional $30 billion will be allocated for medium-sized banks and credit unions.
The Paycheck Protection Program is intended to provide up to $10 million in loans per small business. It could play a crucial role in keeping businesses afloat while the economy is nearly shut down during the pandemic.
If you submitted an application but did not receive funding the first time around, contact your bank to ensure your application is still in the que. Otherwise, contact your bank TODAY to apply as applications are being processed now.
Learn more at https://commerceri.com/covid-19-sba-loan-faq/
For small businesses that do not have a relationship with their banker can contact Commerce RI for help. Email email@example.com for more information.
Here is a list of FAQ’s regarding the Paycheck Protection Program that can help updated April 7, 2020: https://conta.cc/2Rl2AlFCovid-19 Disaster Loan FAQ
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Information received from Commerce RI. Rhode Island Commerce has done its best to summarize the latest information available from the SBA; we cannot guarantee its accuracy.