Latest PPP numbers show minor increase in R.I. applicants as program deadline nears

PROVIDENCE – The number of Rhode Island small businesses seeking federal relief loans continues to slow as the U.S. Small Business Administration’s Paycheck Protection Program nears its end.

Roughly 16,200 Rhode Island businesses had secured a collective $1.9 billion in funding throughout the life of the program, according to an update on Monday. The latest numbers, reflecting approvals through June 6, show less than 200 new applicants approved in the last two weeks, with total funding increasing by about $6.6 million.

Nationally, the program has provided $511 billion in forgivable loans to 4.5 million small businesses. More than $130 billion in funding is still up for grabs, with the June 30 deadline for applications fast approaching.

The latest update comes after a new bill signed into law on Friday which gives borrowers more leniency on how they spend the money and the terms of repayment.  But whether the new terms under the Paycheck Protection Program Flexibility Act will motivate previously reluctant businesses to take advantage of the program remains unclear, local lenders say.

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Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.