Rep Terri Cortvriend on Lt Gov Small Business 4/22 Conference Call Panel
Conference Call
Click here to listen to audio (Rep Cortvriend; listen at 29:26)
1. Lt. Governor McKee: Opening Remarks
2. LG introduces SBA Director Mark Hayward: Federal Update a. Federal Funding Data Overview for RI:
i. 142 EIDL loans approved at approx. $22 million total
ii. 2,740 EIDL advances awarded ranging from $1k-$10k at approx. 12 million
b. PPP loans (listen around minute 7:00):
i. IMPORTANT: Level of payroll needs to stay the same once you hire your employees back (i.e. if you includes tips on the application & only pay them minimum wage, but no tips); forgiveness will be decreased if you decrease any employee’s wages by more than 25%
c. Please sign up for email updates here; see their website for additional resources, including webinars, here
d. RI Small Business Development Center is a great resource for business owners; Director Ed Huttenhower was featured on an earlier call- In case you missed it (ICYMI), listen or read here.
e. Questions? Contact SBA: RhodeIsland_DO@sba.gov
3. LG introduces DBR Deputy Director Julietta Georgakis: Regulation/Executive Order (EO) Update (short emailed update below)
a. “…DBR has inspectors out and about checking that businesses/customers are complying with EO 20-24 requiring cloth face coverings… compliance levels have, generally, been high.”
b. Check out their site for regular updates, to fill out their question or concern form, or for various guidelines in English & Spanish (see all the red boxes on the homepage for COVID-19 related information)
4. LG introduces DLT Deputy Director Matt Weldon: Quick UI Update (listen around minute 9:00)
a. Approx. 173,000 UI claims & approx. 20,000 TDI claims
b. Brand new certification process in place; unlimited certification capacity; new web form now
c. Those that used the old system- people were on unable to certify & were told to call; DLT staff is auto-paying people so they do not need to get in contact with DLT; they ru
n reports daily so they know who these people are; this will eventually be resolved (listen around minute 10:00 for more)
d. Contact DLT at DLT.COVID19@dlt.ri.gov or Matthew.Weldon@dlt.ri.gov
5. LG introduces Justin Gontarek, OceanSide Graphics: Gift it Forward Update (RISmallBusiness.org) a. Nearing 95k site visits (1-1.5k/day)
b. 1k businesses are on the site
c. ICYMI: Justin was featured in Providence Business News
d. Have questions, need to update your business listing, or want to collaborate?
Contact: Justin@OceanSideGraphicsRI.com
6. LG introduces State Representative Panel featuring Representatives Terri Cortvriend, Carlos Tobon, & Bob Phillips
a. Cortvriend (listen at 29.26)
i. Fellow small business owner who received PPP for her business, Ocean Link, Inc, through Bank Newport. She has been working directly helping small business owners in her District 72.
ii. She is a Member of House Committee on Small Business; seeking list of concerns from small businesses in Portsmouth and Middletown for the Governor
iii. Contact: Rep-Cortvriend@RILegislature.gov
b. Tobon
i. Emphasizes the importance of shopping local because the money feeds directly into the State; use your UI, stimulus checks, etc. in RI (try not to shop Amazon or in MA even if it’s easier); will help RI come out stronger post pandemic
ii. Worked w/ the LG on passing pro-small business friendly legislation iii. Has been participating in the LG’s weekly Hispanic Business Calls (Fridays at 4pm– email Rosa.DeCastillo@ltgov.ri.gov for more details)
iv. Contact: Rep-Tobon@RILegislature.gov
c. Phillips
i. Reminds everyone to please contact their state legislators if they need help 1. Unsure of who your electeds are? Visit vote.sos.ri.gov
ii. Has been working with a range of small businesses in his district & helping them get the resources & information they need iii. Member of House Committee on Small Business
iv. Contact: Rep-Phillips@RILegislature.gov
7. LG introduces Small Business Owner Panel focused on lack of aid (Q & A w/ SBA & DLT)
a. Jen Ortiz i. Owns Executive Cuts (microbusiness); doesn’t qualify for a lot of the programs; hasn’t heard back from PPP or EIDL ii. Does qualify for UI & has received first payment
1. Retroactive UI will be processed soon 2. Does UI go into a personal account or business account as a business owner? How do the taxes work on that?
b. Tim McCann
i. Owns McT’s Tavern; still is doing takeout, but revenue has dropped about 80%
ii. Cut overhead somewhat, but highest overhead cost: state fees (not taxes, but liquor liability insurance, entertainment license, etc.)
iii. State mandated a few years back that businesses have a higher level of liquor liability insurance, yet cannot sell alcohol other than bottled beer & wine (sold out). It is due in a month. Entertainment license fee is due in November, but they’ve already lost a month in entertainment revenue.
iv. LG states we need to step up on the businesses’ behalf & help them out with things like this & small bridge loans.
c. Ann Lyons
i. Ocean State School of Gymnastics
ii. Doing okay for now, but has not heard back about PPP or EIDL
1. Applied on April 3; is it still possible to receive it? Was money allocated for her application before it ran out? (Applied through Bank of America)
a. No allocation to each banks (reservations of funds for any lender of any size or scope); loan was likely not put in the system by the bank; if you went through a lender, you need to follow up with the lender; the SBA cannot see anything until the lender (or you) enters the information into the portal & hit SUBMIT
b. Portal is currently closed & will open when/if Congress allocates more funds
8. LG Closing Remarks