PROVIDENCE BUSINESS NEWS
PBN pbn.com
JANUARY 8-21, 2021
5Q
EVERYBODY’S BUSINESS
Scott Pray | 4
Amber Jackson | 15
YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 35, NO. 41 | $5
CORONAVIRUS CRISIS
Banks on higher alert for credit weakness
STARTING ANEW
BY NANCY LAVIN | Lavin@PBN.com
IN HIS 50 YEARS AS A CUSTOMER OF The Washington Trust Co., John Bellone has never deferred a loan payment. Not through the 2008 financial crisis or the 2012 hurricane that ravaged his three oceanfront businesses in Westerly: two hotels and a restaurant. Even through the COVID-19 pandemic that has crippled the hospitality industry, Bellone has continued to meet monthly payments on the multiple mortgages for his commercial properties, thanks to a relatively strong business during a limited season.
FOCUS: ECONOMIC FORECAST
SEE BANKS PAGE 17
ONE LAST THING
Ross Gittell Seize the moment | 22
SETTING UP HOUSE: State representatives are meeting at the Veterans Memorial Auditorium in Providence, at least for the opening weeks of the 2021 legislative session, to allow for social distancing. PBN PHOTO/MICHAEL SALERNO
Pandemic, progressives, new House leadership could put new twist on contentious issues
THE
BY ALEXA GAGOSZ | Gagosz@PBN.com
2021 LEGISLATIVE SESSION IS shaping up to be another severe departure from the norm, with a temporary change of venue for both chambers, uncertainty surrounding the COVID-19 pandemic, new House leadership and a new group of progressive lawmakers looking to exert their influence. Even some issues the General Assembly grapples with annually – such as a gaping budget deficit – may have a higher degree of difficulty because of coronavirus-related problems that include an overwhelmed health care system, faltering businesses, high unemployment and a growing number of struggling Rhode Islanders. It was only last month that legislators passed
2021
a “skinny” $12.75 billion state budget for the current fiscal year – an action that was delayed six months because of the social and economic upheaval touched off by the coronavirus crisis. Now the General Assembly has moved quickly into a new session, prepared to hash over a budget proposal for the next fiscal year and to take on contentious matters that had been tabled last year after the pandemic hit, including whether to legalize recreational marijuana and award a controversial 20-year lottery contract. Those deliberations are taking place in different surroundings this year. Both the House and Senate have decided to vacate the confines SEE SESSION PAGE 12
January
21 2 0 2 1
4pm
For more information turn to page 23
