PROVIDENCE – Nearly 90% of the Rhode Island small businesses approved for federal payroll relief loans in the final five weeks of the program received $150,000 or less, according to information from the U.S. Small Business Administration.
Roughly 800 Rhode Island businesses received Paycheck Protection Program loans during the five-week extension that ended Aug. 8, more than 700 of which were approved for loan amounts of $150,000 or less. Loan amounts are correlated to businesses’ payroll expenses, with smaller allocations for the smallest of eligible companies.
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The SBA again published company names and owner demographic information for the businesses that received more than $150,000, broken down by category instead of the exact funding amount. Businesses approved for loans of $150,000 or less were not identified by name.
Two more Rhode Island businesses secured loans in the highest category of $5 to $10 million: Collette Travel Services Inc., a Pawtucket-based travel company, and Delta Mechanical, an industrial and commercial HVAC services contractor out of Warwick. In total, 16 state businesses were approved for loans of $5 to $10 million.
In total, roughly 86% of the nearly 18,000 state businesses that received Paycheck Protection Program loans by the final deadline of Aug. 8 received loans of $150,000 or less.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
