SBA Rhode Island District Office Weekly News & Updates

Rhode Island District Office  -  October 15, 2021

u s small business administration

From the Director’s Desk

Mark S Hayward

Since March of 2020, the SBA has been at the forefront of our nation’s economic recovery effort.  That was when SBA’s Office of Disaster Assistance began accepting COVID Economic Injury Disaster Loan (EIDL) applications. Over these last 18 months, the SBA approved over 11,128 COVID-EIDL loans for $747 Million dollars in Rhode Island.  This program has been instrumental in the long-term recovery of businesses across Rhode Island and beyond.

If your business is still struggling, you certainly aren’t alone. Although many closed sectors of our economy have reopened, and our nation’s people have begun to adjust to the “new normal”, it still is not “business as usual” quite yet.  Especially with the emergence of the Delta variant, the struggle is far from over. Small businesses across the country continue to need financial relief to get to the other side of this crisis. And the SBA is still here to help. 

SBA’s COVID EIDL program could be a good option for your business.  Recently the SBA announced changes to this program that makes it even more flexible to meet your needs.  Although these loans are not forgivable, with a 3.75% fixed interest rate, terms of up to 30 years, and deferred payments, these loans could help with your recovery. Think about it this way, if your business is granted a $10,000 COVID EIDL loan, after the deferment period, your monthly payment will only be approximately $46 a month.

Sincerely,

Mark S Hayward

Mark S. Hayward
District Director


eidl


The recent changes made to COVID EIDL include:

  • Increasing the COVID EIDL Cap. The SBA increased the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
  • Implementation of a Deferred Payment Period. Small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
  • Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
  • Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund Program.

Eligible small businesses, nonprofits, and agricultural businesses in all U.S. states and territories can still apply. Visit www.sba.gov/eidl to learn more.  And remember, the program ends on December 31, 2021, so if you think a COVID EIDL loan could help your business, file your application as soon as possible. 


National Disability Employment Awareness Month


Hire Employees with Disabilities

Now more than ever, small businesses are finding it challenging to hire talented workers. Hiring disabled individuals can help businesses meet their talent needs while strengthening their competitive edge. By hiring individuals with disabilities, businesses can: 

  • Expand their pool of talent
  • Create a culture of diversity
  • Meet their workforce needs
  • Foster creative business solutions
  • Generate goodwill among customers

Check out the resources available from the SBA and the tax credits that are available to you when you hire people with disabilities.

Learn More


Illustration of a laptop with text that includes, PPP Forgiveness Portal


Appeal a Paycheck Protection Program (PPP)
Loan Review Decision

The SBA Office of Hearings and Appeals (OHA) has jurisdiction over appeals where SBA has provided the borrower with a PPP final loan review decision finding the borrower:

  • is ineligible for a PPP loan;
  • is ineligible for the PPP loan amount received;
  • used the loan proceeds for unauthorized uses;
  • is ineligible for the PPP loan forgiveness amount determined by the lender in its full or partial approval decision issued to SBA; or
  • is ineligible for PPP loan forgiveness when the lender has issued a full denial decision to SBA.

OHA does not have jurisdiction over decisions made by lenders concerning a PPP loan. If you would like to dispute a decision made by your lender, please contact your lender directly.

Learn More


Did you know? The majority of manufacturing firms in the U.S. are small.


Manufacturing Webinar Series

Supply Chain – Oct 21: The Manufacturing Extension Partnership (MEP) will facilitate a discussion on supply chain solutions for SME manufacturers. Learn how your company can improve operations, reduce costs, and mitigate risk through effective supply chain management!

Celebrando el Mes de la Manufactura – Oct 28: This Spanish language webinar will feature Hispanic-owned manufacturers sharing their export success stories and an overview of Federal export promotion resources.

Register Here


IRS Alerts


Tax Scams/Consumer Alerts

Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, and payroll and tax professionals. 

The IRS doesn't initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a scam. See also: How to know it’s really the IRS calling or knocking on your door.

Learn More


Cybersecurity - Infrastructure Security Agency


IN-PERSON, REMOTE, AND HYBRID! OH MY!
SECURING YOUR NEW REALITY WITH TIC 3.0

It’s been over a year and a half since much of the Federal Government workforce headed to work from home due to the COVID-19 pandemic. As work around the world continues to shift between in-person, full-time remote, and hybrid, network defenders remain focused on maintaining a strong security posture to protect critical assets and data.  

Learn More


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