SBA Rhode Island District Office Weekly News & Updates

Rhode Island District Office  - January 22, 2021

u s small business administration

From the Director's Desk - "The Friday Five" With Mark S. Hayward

Friday Five slide

This edition of the Friday Five will focus on various programs created or updated by the Economic Aid Act, including PPP and Shuttered Venue Operators Grant. We encourage the small business community to submit questions to RhodeIsland_DO@sba.gov. 


This week on "The Friday Five":

  1. Is the new streamlined application for PPP loan forgiveness available yet? 

  2. I own a restaurant and would like to know if I can use PPP funds on perishable food items I use in our kitchen.

  3. I opened a business in 2020 and am not eligible for PPP.  Do I have any other options for funding through the SBA?
  1. Can you give me more information on the Shuttered Venue Operators Grant?

  2. My bank is requiring me to submit all of my supporting documentation for my 2nd Draw PPP loan with my application, when the new IFR states I don’t need to submit these documents until I apply for forgiveness if my loan is under $150,000.  Can they do that?
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Friday Five Podcast


From Passion to Profit: RI Secretary of State's Hobby to Business Summit

Hobby to Business Summit

The Secretary of State Nellie M. Gorbea and the RI Department of State staff invite you to the second annual "From Passion to Profit: Turn Your Hobby into a Business" series.

Sign up to hear from the Business Services Division, partners like SCORE, the Small Business Development Center, and local business owners on their journey from transforming their hobby into a small business. All four sessions will be recorded and made available to all registered attendees; you do not need to register for all four to be added to the mailing list.

Session 2: Wednesday, January 27 from 6-8 p.m

Choose a Platform and Price Your Product

Compare online marketplace platforms and learn how to competitively price your product.

Session 3: Wednesday, February 3 from 6-8 p.m.

Build an Online Presence and Market Your Business

Learn how to boost your social media presence to connect with customers.

Session 4: Wednesday, February 10 from 6-8 p.m.

Time to Get Started! Learn the Nuts and Bolts of Business Ownership and How to Secure Capital

Are you ready to start you business? Need to know where to secure the capital you need? Join the SBA's Rhode Island District Office for a discussion on basic business considerations and how to secure capital.

If you have questions, please contact the Business Services Division at biztraining@sos.ri.gov.

Click the link below to register for all or any of the above listed virtual trainings.

Register Here


How a (Free) SCORE Mentor Can Help You Find Success

SCORE provides free and confidential business mentoring to start-ups and existing small businesses

Did you know that January is National Mentoring Month? Do you think you could benefit from a mentor’s help as you start, grow, or pivot your small business? Join SCORE Rhode Island for a discussion about how the experts at SCORE  can help steer your small business through these tough times and beyond.

Join the mentors and other volunteers of SCORE to hear how they have helped local small businesses succeed. Thinking about giving back to your community? These mentors will share both the challenge and reward they find in their work. Join SCORE Rhode Island for this insightful and engaging discussion.

Click Here to Register


60,000 Paycheck Protection Program Loans Approved in First Week

paycheck protection program, PPP

The U.S. Small Business Administration has approved approximately 60,000 PPP loan applications submitted by nearly 3,000 lenders, for over $5 billion, between the program’s re-opening through Sunday, January 17.

PPP forgiveness has been streamlined to make your forgiveness process as simple as possible. First and Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement, as long as the following requirements are met: Employee and compensation levels are maintained; the loan proceeds are spent on payroll costs and other eligible expenses; and at least 60 percent of the proceeds are spent on payroll costs. 

The Paycheck Protection Program remains open for First and Second Draw PPP loans until March 31, 2021, as set forth in the Economic Aid Act, or until Congressionally-appropriated funding is exhausted.

To learn more about the First and Second Draw PPP loan forgiveness and find the corresponding forgiveness application, click the link below. 

First and Second Draw PPP Loan Forgiveness


Local Assistance

Central Rhode Island Chamber of Commerce presents:

Social Media & Business Series: Workshop #1 Covid-19: Dos and Dont's of Digital Marketing

1/29/2021
9:00 AM - 10:00 AM

This is the first in a series of mini-workshops that will provide participants with information and next steps to better understand and position your business on social media. These workshops are designed to suit any business, whether retail or professional services, large brands to solo-preneurs.

Covid-19:  Dos and Don'ts of Digital Marketing for Business

2020 was a challenging year. While we hope that some things are temporary, denying the need to transition to digital will destroy your business. The way we do business has changed. No matter what industry you’re in, you need a digital presence.

In this workshop, we will cover both strategic concepts and tactical elements to help you bring your business online. Together, we’ll identify what to focus on to help you grow, and what can safely be ignored without fear of failure.

This workshop features Nicole Eller and Alicia Piazza, The Spark Social

At The Spark Social, Inc, we work hard to make your marketing work for you. We believe in “Doing Good, Socially.” The belief that what we do matters – whether it’s for our clients, for our community, or just in daily life, is the driving force behind our Social First commitment.

Register Here


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