Friday, July 1, 2022        

SMITHFIELD ANNOUNCES THE SMALL BUSINESS RELIEF GRANT PROGRAM

FOR IMMEDIATE RELEASE

May 27, 2022

 

SMITHFIELD ANNOUNCES THE
SMALL BUSINESS RELIEF GRANT PROGRAM

 

Officials earmark $100,000 in ARPA Funding available through a competitive grant

 

SMITHFIELD, RI – The Smithfield Town Council announced today the launch of Smithfield Small Business Relief Grant Program made possible with funding from the American Rescue Plan Act (ARPA) of 2021.  ARPA funding was approved by Congress to fund eligible state, local, territorial, and Tribal governments.  Federal guidance directs funding to be used for acute pandemic response needs, fill revenue shortfalls among these governments, and support the communities and populations hardest-hit by the COVID-19 pandemic. The total allocation for the Town of Smithfield is approximately $6.545 million.

 

Town Council President Suzy Alba Town Council President Suzy Alba stated “In the Town’s proposal to spend the ARPA funding, the Town Council unanimously approved $100,000 for the Smithfield Small Business Relief Grant Program to support local businesses. We hope that this little bit of help can go a long way in aiding our businesses that need an extra hand to remain thriving”.

 

Council Vice President Sean Kilduff stated “The Town had some discretion within the spending rules issued by Congress and one priority was to develop a program to aid Smithfield businesses hardest hit by the COVID-19 pandemic.”  

 

As stated in the Town’s ARPA spending plan, the goal of this grant program is to provide micro-grants to businesses within the Town of Smithfield and support economic recovery from the effects of the COVID-19 pandemic. Individual grants of $3,000, subject to change based on other considerations, will be provided to those businesses that were negatively impacted by the COVID-19 pandemic and who meet the necessary qualifications.

 

Applying for the funds is simple and an on-line application for the program will be available online at www.smithfieldri.com/sbrgp beginning on June 1st.  Qualified Smithfield businesses who suffered a loss in revenue are encouraged to apply for the grant.  Submitted applications will be reviewed and evaluated by Town staff.  Recipients will be notified of awards and the program will continue until all funds have been distributed.

 

Small businesses eligible for the Smithfield Small Business Assistance Grant Program are those that experienced negative economic impacts or disproportionate impacts of the COVID-19 pandemic and meet the definition of a small business.  Specifically, applicants need to meet the following criteria:

 

  • Have been established and recognized by the Town of Smithfield by December 31, 2019.
  • Be in good standing with the Town of Smithfield.
  • Have no more than 240 employees.
  • Business must have less than $1 million in “gross receipts or sales” in 2020 or 2021.
  • The business experienced revenue loss due to the COVID-19 pandemic. This may include revenue loss experienced during 2020 or at any time since the onset of the COVID-19 pandemic.
  • Business is NOT owned by a nationally or regionally owned franchise.
  • Business is NOT in or considering federal bankruptcy or state receivership or on the federal do not pay list.

Recipients can identify small businesses impacted by the pandemic, and measures to respond, in many ways; for example, recipients could considers:

  • Decreased revenue or gross receipts
  • Financial insecurity
  • Increased costs
  • Capacity to weather financial hardship
  • Challenges covering payroll, rent or mortgage, and other operating costs.

 

Assistance to small businesses that experienced negative economic impacts includes the following enumerated uses:

  • Loans or grants to mitigate financial hardship, such as supporting payroll or benefits, costs to retain employees, and mortgage, rent, utility, and other operating costs.