Article

COVID-19 Update for July 10: Here’s what Rhode Island businesses need to know

As the news surrounding the global COVID-19 pandemic continues to evolve, our team at blumshapiro is staying focused on answering the local business community’s most pressing questions. As of Friday, July 10, here are the latest updates leaders in Rhode Island’s business community need to know.

< Back to Insights
Insights  <  COVID-19 Update for July 10: Here’s what Rhode Island businesses need to know

As the news surrounding the global COVID-19 pandemic continues to evolve, our team at blumshapiro is staying focused on answering the local business community’s most pressing questions. As of Friday, July 10, here are the latest updates leaders in Rhode Island’s business community need to know.

As the news surrounding the global COVID-19 pandemic continues to evolve, our team at blumshapiro is staying focused on answering the local business community’s most pressing questions. As of Friday, July 10, here are the latest updates leaders in Rhode Island’s business community need to know. Please note, for the full story on some content, a subscription to that source may be required.

THE LATEST – NATIONAL NEWS

PPP application deadline extended through August 8.

The application deadline for the federally funded Paycheck Protection Program has been officially extended to August 8. The legislation allowing for the extension passed through Congress toward the end of last week and was officially signed by President Trump on July 4.

The Small Business Administration officially resumed accepting applications for the PPP at 9 a.m. on Monday, July 6.

Who’s receiving these PPP loans?

We now have an answer to that question, as the SBA and U.S. Treasury this week released the complete database of businesses across the country that received funding through the PPP.

The SBA approved nearly 5 million individual loans under this program. The amount of each individual loan ranged from as high as $10 million to as low as $9, with the average amount coming in around $100,000. Here in Rhode Island, more than 17,000 businesses were approved for the PPP, nearly 2,500 of which qualified for loans of at least $150,000.

Paycheck Protection Program: Loan Forgiveness Documents

The U.S. Small Business Administration (SBA) issued a slew of new guidelines, documents and instructions related to the Paycheck Protection Program’s loan forgiveness process.

Here’s where to start.

blumshapiro partner David Fontes also broke down the new guidance on our website. Find it by clicking here.

What’s next?

blumshapiro has been at the forefront of interpreting PPP guidance and providing trusted resources for our clients since the program launched in April.

Our team is working with clients to assist them with navigating through compliance requirements of the loan forgiveness program, to ensure forgiveness is received, help expedite the loan forgiveness process and provide a reliable and trusted source of information. You can learn more about our loan forgiveness services by clicking here.

Main Street Lending Program is now ‘fully operational.’

The Main Street Lending Program aims to assist “midsized companies with 15,000 employees or less.” Our team at blumshapiro has an overview of the initiative, which you can find by clicking here.

The Federal Reserve Bank of Boston, the organization in charge of the $600 billion program created by the CARES Act in April, says it’s ready to start processing loans. More than 200 financial institutions have signed up to participate as lenders for this initiative.

Here in Rhode Island, prospective borrowers can look to a handful of institutions that have signed up for the program: Bank of America, TD Bank, Santander Bank, Citizens Bank and Webster Bank are all on board, and some of the state’s smaller banks and credit unions are still in the process of deliberating, according to Providence Business News.

Quick Hits: Federal updates.

Rhode Island’s COVID-19 numbers are still looking good, but most other states can’t say the same. As more than half of the country is experiencing spikes in daily cases, Dr. Anthony Fauci reminds us that “we’re still knee-deep in the first wave of this.”

Is another stimulus package coming? It’s still too soon to say, but it looks likely. The Senate returns from its recess on July 20; stay tuned.

Some (relatively) good news: The national unemployment rate is still trending in the right direction, falling from 13.3% in May to 11.1% in June.

Plus… Will the pandemic “reshape” American cities? When the $600 unemployment “bonus” expires, what might take its place? And, is declaring for bankruptcy more common now than ever before?

THE LATEST – NEWS FROM RHODE ISLAND

Let’s start with the latest numbers…

As of Thursday evening, 17,243 Rhode Islanders had tested positive for COVID-19. Fifty-five patients were currently in the hospital, and 974 individuals had unfortunately passed away due to the virus. The state had processed 267,433 COVID-19 tests, and still leads the country in testing capacity per capita.

The upshot from these latest numbers: Rhode Island continues to be one of the only states in the nation that seems to have this crisis “under control” – and people across the country are noticing. Here’s Politico on “how the smallest state engineered a big COVID comeback.”

Phase III of our economic reopening plan is under way.

Armed with its good-news data, Rhode Island officially entered Phase III of its ReopeningRI plan on Tuesday, June 30.

A Phase III reminder: If you’re planning to reopen, you have some paperwork to fill out. Here’s where to start.

  • COVID-19 Control Plan: If you’re planning to reopen, you’ll need to develop a written plan outlining the steps you’re taking to prevent the spread of COVID-19 in the workplace. The state has provided an easy template for this plan, which you can find by clicking here. An important note: You don’t need to submit this plan for approval. Just fill it out, sign it and put it in a drawer; you may need to present it in the case of an inspection.
  • COVID-19 Checklist: All businesses planning to reopen also need to print, sign and display a COVID-19 Checklist. You can download and print the checklist by clicking here.

Quick Hits: Reopening Rhode Island

Eight local businesses have been officially reported by the Department of Business Regulations for not complying with the state’s COVID-19 rules – and the governor isn’t shying away from telling businesses her team will continue to keep a close eye on them.

The ReopeningRI website had a makeover. All of the latest industry-by-industry guidelines for Phase III can be found on the freshly redesigned website, www.ReopeningRI.com.

INDUSTRY SPOTLIGHTs

We took another industry-by-industry tour around the Web. Here’s what we’re reading.

Hospitality: Vacationers typically “flock” to tourism hot spots like Newport. This year, it’s more a “trickle” – and businesses and employees are feeling it.

Plus: Catering companies are still trying to navigate this crisis. Rhode Island’s tourism industry plans to fight a proposed increase to the hotel tax. Here’s a new, helpful checklist for returning to work.

Long-term care: You can now schedule a nursing home visit in Rhode Island. There’s a big local push to raise standards for staff at nursing homes. Plus: Governor Raimondo wants to use relief funds to “transform” long-term care.

General business: Looking to hire? Here are a few best practices for remote onboarding, according to blumshapiro’s very own Jonathan Fagan.

A few other highlights from blumshapiro this week: Tim Barry has ten financial protection measures high-net-worth individuals should consider right now. John Toscano covered challenges and opportunities for independent schools in the wake of the pandemic. And Jeff Ziplow wrote about significant changes coming to customer-facing municipal services.

THE NEW NORMAL

The global business community is still trying to figure what life in a post-COVID world is going to look like.

Here are a few interesting think-pieces on the “new normal” from the past week….

SHOUT OUT TO HELPING HANDS

We’re several months into this crisis, and Rhode Islanders are still looking out for one another.

WPRI.com has a story about a local business that helped put food on more than 200 families’ tables. Read it here.

Also, on WPRI: A local ninth-grader thanked her teachers with a special original song. Here’s her story.

Plus: UnitedHealthcare recently donated $12.3 million to community-based organizations across the country, including a $30,000 contribution to the Rhode Island Community Food Bank. Learn more by clicking here.

OUR INSIGHTS: INDUSTRY-BY-INDUSTRY

Our team at blumshapiro is working every day to provide you with the latest information pertaining to the individual industries in which you operate. You can find real-time updates within the following links:

Our firm’s complete suite of COVID-19 webinars, articles and federal and state guidelines can be found by clicking here.

 

COVID-19 Business Resources

Disclaimer:  The contents of this resource are for general informational purposes only.  While every effort has been made to ensure its accuracy, the information is provided “as is” and no representations are made that the content is error-free.  We have no obligation to update any content, comments or other information for retroactive or prospective interpretations or guidance provided by regulators, financial institutions or others.  The information is not intended to constitute legal advice or replace the advice of a qualified professional.  There are areas of the CARES Act where additional clarification from the Treasury Department and the SBA is needed.  Your judgment and interpretation of the act may be needed.  Users should consult with their legal counsel and representatives of the lending institution regarding the proper completion of their application and supporting documentation.

Continue the Conversation with Our Team
Get in touch with us.

Contact Us