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.
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.
