PROVIDENCE – Twice as many Rhode Island small businesses were approved for forgivable payroll loans in the last week compared with the prior, seven-day period, according to U.S. Small Business Administration data published Wednesday.
Nearly 1,000 more Rhode Island small businesses were approved for $54 million in Paycheck Protection Program loans between March 7 and March 14. By comparison, the prior one-week period brought in $25 million for 500 state small businesses, nonprofits and other eligible entities.
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In total as of March 14, more than 9,400 state entities have received a combined $771.3 million in Paycheck Protection Program loans under the second round of funding that began earlier this year.
Nationwide, the program has doled out more than $181.5 billion across 2.7 million loans in the second round, The average loan size was $66,000.
The latest data includes five days in which the program was reopened to larger employers, following a temporary, two-week period that ended March 10 in which only companies with 20 or fewer workers could apply for funds.
SBA data suggests the focus on helping the smallest businesses may have helped, with half of all funds allocated as of March 12 going to businesses with 20 or fewer workers, according to a separate SBA report.
Whether the temporary constraints made any difference in directing funds to minority business owners, who some feared were still being left out of the program, is unclear.
About 75% loans approved and of funding distributed as of March 12 went to recipients who did not specify their race. Among those who did answer, white business owners have claimed about 16% dollars and number of loans, versus the 5.5% of loans that went to Black recipients and 3% to Asian recipients. Hispanic and Latino recipients, which are categorized as an ethnicity separate from race, received under 4% of loans, compared to the 29% that went to non-Hispanic or Latino recipients. Again, a majority, 67%, did not identify their ethnicity.
Information on demographics and business size was not available at the state level.
Citizens Bank remains among the top lenders, ranked 15th in terms of funding approved, with $1.7 billion distributed to 28,650 recipients.
Of the original $284 billion allocation, $102.5 billion remains, not including the $7 billion added under the American Rescue Act Plan of 2021 approved last week. The program is set to expire on March 31, although lawmakers are considering a two-month extension, with the proposal passing in the U.S. House of Representatives on Tuesday.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
