New low-interest loans for RI firms after COVID-19 disaster declared

Coronavirus
12 RESPONDS //
What is your COVID-19 question? We're here for you. CLICK HERE »

PROVIDENCE, R.I. (WPRI) — The U.S. Small Business Administration has issued an economic disaster declaration for Rhode Island due to the coronavirus pandemic, opening up low-interest federal loans to small companies suffering an economic shock from the crisis.

U.S. Sen. Jack Reed said he was informed early Tuesday afternoon that the SBA had agreed to the declaration, which was requested Monday by Gov. Gina Raimondo with the support of Reed and the congressional delegation’s other three members.

During a news conference Tuesday, Raimondo said the declaration means business owners can apply to the SBA for low-interest emergency loans of up to $2 million to provide working capital.

“This SBA declaration is an important step, but it can’t be a substitute for further congressional action,” Reed spokesperson Chip Unruh said in a statement. “Low-interest loans can help some small businesses, but Senator Reed is working to secure additional relief for those who’ve been hit hardest by the economic fallout of this crisis.”

The disaster declaration is backdated to begin Jan. 31.

For more information, visit https://disasterloan.sba.gov/ela/, call the SBA at 1-800-659-2955 or contact the R.I. Commerce Corp.’s small business hotline at 401-521-HELP.

Coronavirus: Latest Headlines

Ted Nesi (tnesi@wpri.com) is WPRI 12’s politics and business editor and a Target 12 investigative reporter. He is a weekly panelist on Newsmakers and hosts Executive Suite. Follow him on Twitter and Facebook

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Download Mobile Apps from WPRI 12
DOWNLOAD APPS NOW: Apple App Store | Google Play Store
PINPOINT WEATHER // Quick Links:

Dan Yorke State of Mind: Dan's Daily Update

DYSOM 9/17/2020: Lt. Governor Dan McKee

More Dan Yorke State of Mind

Don't Miss

Viewer Pa on WPRI.com

LIVE CAMS on WPRI.com

More Live Cams

The Border Report Tour

More Border Report Tour