Small businesses urge release of CARES Act money to provide them relief

As the clock ticks down to the end of the year, millions of dollars in CARES Act money is sitting untouched, and small businesses say they desperately need the help, and want elected officials to act quickly.

PROVIDENCE, R.I. (WLNE) – As the clock ticks down to the end of the year, millions of dollars in CARES Act money is sitting untouched, and small businesses say they desperately need the help, and want elected officials to act quickly.

The Rhode Island Small Business Coalition is calling on the General Assembly to place checks on Governor Raimondo and free up the cares act money yet to be spent to help them, especially if the state is heading towards another shut down.

“These businesses don’t have the cash flow like big corporations to just survive another three to six months,” said Co-Founder of the Rhode Island Small Business Coalition Chris Parisi.

In a letter sent to the General Assembly this week, Parisi called on them to work with the governor to use $75 million from the CARES Act for the Restore RI grant program to help struggling small businesses.

Luke Renchan of Luke Renchan Entertainment, says those in the wedding industry are seeing between a 70-90 percent loss in revenue compared with 2019, and even with the grant money it’s hard to continue on.

“For us, our philosophy is work us or fund us at this point,” said Renchan. “We all want to work. We’d rather be working.”

Lt. Governor Dan McKee is also voicing his support for the funding. He says the money should be used to help the business owners because the state budget deficit is projected to be much lower than originally thought.

In the meantime, the CARES Act money has to be used by the end of the year.

“We’re running out of time,” said McKee. “This money has to be allocated by December 30, so that means those decisions on the allocation have to be made before Christmas.”

The coalition is also recommending that another $75 million be allocated if businesses are forced to shut down again.

“We will not survive another shut down for 3-4 months,” said Renchan. “If the funding is not there for us, like I said these businesses will not survive the winter.”

The Lt. Governor says he knows some legislators are already on board to make this happen, but warned there is very limited time, with the holidays coming up, to get this money out the door before it expires.

ABC 6 reached out to the governor’s office for comment but did not hear back.