PROVIDENCE – R.I. Commerce Corp.’s board of directors was poised on Monday to put federal American Rescue Plan Act funding to work to help small businesses through the RI Rebounds initiative, before delaying the vote until Jan. 14.
The board, which is chaired by Gov. Daniel J. McKee, was due to meet at 5:30 p.m. on Monday to consider the approval and establishment of RI Rebounds Small Business and Impacted Industry Program, and vote on whether to authorize additional funding for project management, program support vendors, technical assistance providers and outreach and marketing vendors to support the effort. But the meeting was abruptly rescheduled by the board without immediate explanation.
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A spokesman for R.I. Commerce did not immediately respond to requests for comment.
The planned vote comes after a unanimous vote earlier this month by state legislators and a bill signed by McKee to authorize the investment of $119 million in total of American ARPA funding to help Rhode Islanders recover from the economic impact of the pandemic, with $32 million of that set aside to assist small businesses.
“RI Rebounds directs federal funding where it is needed most,” said McKee, earlier this month when signing the bill. “I look forward to working together to further our recovery and make Rhode Island a more prosperous and equitable state for all.”
Lt. Gov. Sabina Matos said the funding will be a shot in the arm for Rhode Island’s economy.
“This investment is an essential step towards reenergizing our local communities and small businesses by targeting areas where they are needed most,” Matos said. “These funds will go a long way towards helping families get back to work and helping small-business owners keep their doors open.”
(UPDATES throughout to note meeting rescheduled.)
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
