Warren applies for funds to aid small business
Grants would go to certain small business affected by covid-19 crisis
The Town of Warren is pursuing funds to help the town's small businesses in the midst of the covid-19 crisis.
Town officials have submitted an application to the State’s Office of Housing and Community Development for MicroEnterprise funding through the Community Development Block Grant (CDBG) program. If approved on a first come, first served basis, certain businesses with fewer than five employees would be eligible for a grant up to $10,000. Home-based businesses would be eligible for up to $5,000.
To qualify, the business owner must be one of the five employees; and with a median household income below 80 percent of the area median income.
Following are the income limits based on size of household:
One family member: $48,750
Two members: $55,700
Three members: $62,650
Four members: 69,600
Five members: $75,200
Six members: 80,750
Seven members: 86,350
Eight members: $91,900
Evidence of income would be verified by income tax returns.
Warren Town Planner Robert Rulli saids he expects that regulations and applications will be available beginning on April 8. The program is not connected to the economic stimulus plan associated with COVID-19 which was passed by Congress last week.
For more information, contact Mr. Rulli at brulli@townofwarren-ri.gov.
What if I don't qualify?
If you do not qualify for the above program you may be eligible for others, including SBA’s coming loan forgiveness program.
Also check
Local Initiatives Support Corporation (applications running through April 4)
