R.I. businesses approved for $876M in payroll-relief funds; less than one-third of money remains

PROVIDENCE – Over 4,000 Rhode Island small-business applicants have been approved for $875.6 million in forgivable loans through the U.S. Small Business Administration’s Paycheck Protection Program, according to information released by the SBA on April 14.

Nationwide, the payroll-relief program has supported more than 1 million approved loans worth $247.5 billion, leaving less than one-third of the original $349 billion federal allocation up for grabs.

Rhode Island’s share represents 0.35% of the total dollars approved, and an average loan size of just under $213,000, versus the national average of $239,000.

Applicants seeking $150,000 or less comprised 70% of approved loans, though just 15% of dollars allocated. Construction-industry businesses were the top applicants by dollar amount, while those representing professional, scientific and technical services had the highest number of loans approved.

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A separate $10 million allocation the state launched on April 13 to help businesses unable to submit applications through existing lenders reached capacity within hours.

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