Last updated: 4/3/20
Secretary Gorbea Announces Remote Online Notarization to Enable Business to Continue During COVID-19 Emergency
Another new loan program for small businesses: Rhode Island Commerce, in partnership with Local Initiative Support Corporation (LISC), the Rhode Island Hospitality Association and Bank Newport, is launching a short-term bridge loan program for our restaurants and smallest businesses (1 to 10 employees) affected by coronavirus closings or restrictions.
The program is funded through $1 million from the Rhode Island Commerce Corporation’s Small Business Loan Fund and $1 million from Bank Newport.
Loan details: Loans will have zero percent interest. You can apply for these loans starting Friday, April 3, through the LISC website. There’s a three step process.
- Apply for SBA funding Before you apply for a microloan, you have to show that you’ve already applied for federal SBA funding. Do not wait to apply. Call 521-HELP if you have questions.
- Complete LISC application. You can apply for these loans starting Friday, April 3, through the LISC website.
- Complete credit check and loan paperwork. Staff from the Small Business Loan Fund will contact you to complete the final loan paperwork and complete the loan award.
NAR Offers Members TeleHealthSM to Realtors® at No Cost
Independent Contractors: Sign up for updates about COVID-19 Emergency Unemployment Insurance applications.
*NEW*: NAR Releases Unemployment Assistance CARES Act FAQ
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed into law on March 27, 2020, provides relief to families, small businesses, and individuals who are self-employed and independent contractors. A key provision in the law creates a temporary “Pandemic Unemployment Assistance” program that extends unemployment benefits to those not traditionally eligible, including self-employed individuals. Below is a summary of the program that will be updated with guidance anticipated from the U.S. Department of Labor (DOL).
Click here for the new FAQ
Governor Updates: On March 28th, Governor Raimondo issued a stay at home order for all of R.I. through April 13th. “If you’re not getting food, medicine, gas or going to work, you need to be staying home,” she said. She also restricted gatherings to five people or less. REALTORS are still allowed to have individual showings with buyers – no more than five at the showing, preferably less.
- Also see: Governor Raimondo has ordered those coming from out of state to Rhode Island to self-quarantine for 14 days. Please see question #18 on the FAQs for specific instructions for REALTORS.
Financial Relief: Coronavirus Aid, Relief, and Economic Security Act passed and signed by President March 27th. Resources for Rhode Island independent contractors and self-employed individuals can be found on the RI Department of Labor and Training (DLT) website. Other resources: NAR’s CARES Act breakdown for REALTORS, and U.S. Senate Committee on Small Business and Entrepreneurship Guide to the CARES Act.
RI REALTORS® Classes:
There will be no in-person meetings, events or classes held by RI REALTORS® through April 30th. Please view the RI REALTORS® Professional Development Center’s Class Schedule to determine if an April class has been cancelled, postponed or will be delivered via live broadcast.
Information REALTORS® Need to Know:
This page and the pages below will be continually updated as information becomes available.
- RIAR/MLS Office/Staffing/Event & Class Cancellations
- Real Estate Specific Updates: Federal, State and Municipal Resources & Guidance for REALTORS
- General Updates – Federal and State Information
- COVID-19 FAQs for REALTORS
- COVID-19 Amendment to the Purchase and Sales Agreement
Thank you for your patience during this challenging time. Please check this website often for updates. If you have further questions after reviewing this information, please email email@example.com.
For legal questions, please contact Monica Staaf – General Counsel at 401-432-6945 or firstname.lastname@example.org.