Rhode Island House Bill H7922

Rhode Island 2022 Regular Session

• Introduced: 3/7/22
• Refer: 3/7/22

Caption

Rhode Island Commerce Corporation

Impact

The implementation of H7922 will allow local retailers to apply for grants to support their businesses in recovering from financial losses attributed to the COVID-19 pandemic. By providing financial assistance through a competitive grant process, the bill emphasizes building a resilient local economy that can better withstand external competitive pressures. The funds will be managed in accordance with existing state fiscal procedures, ensuring transparency and accountability.

Summary

House Bill 7922 establishes the Retailer Competitive Grants Revolving Fund within the Rhode Island Commerce Corporation, aimed at enhancing the economic competitiveness of local retailers. The bill proposes to allocate at least $1 million from federal COVID-19 response funds to support local merchants primarily engaged in brick-and-mortar retail. This fund is intended to help these businesses contend with competition from out-of-state sellers and online retailers that have significantly affected their sales, particularly during the pandemic.

Contention

Discussion surrounding H7922 may arise around the equitable distribution of grants and ensuring that all eligible local businesses have an opportunity to benefit. There could be concerns about the criteria set for grant applications and potential favoritism in selection processes. Additionally, some legislators and stakeholders might debate the necessity of creating a new fund rather than augmenting existing support programs for small businesses, questioning if this approach sufficiently addresses broader economic challenges faced by all retailers in the state.