R.I. businesses approved for $22.6M in economic injury loans

PROVIDENCE – Rhode Island small businesses and nonprofits have been approved for 142 loans totaling $22.6 million for economic losses associated with COVID-19 as of April 19.

The Small Business Administration on Monday released an update on its Economic Injury Disaster Loan program, which has approved nearly 27,000 loans totaling $5.6 billion.

Unlike the Paycheck Protection Program, which offers forgivable loans specifically designed to cover payroll costs, the EIDL program funds must be repaid, though the interest rate is capped at 4%. A prior update on EIDL loans in Rhode Island provided by Mark Hayward, district director for Rhode Island, reflected information as of the prior week.

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

- Advertisement -