PROVIDENCE – A five-week extension did little to grow the number of small businesses, nationally and in Rhode Island, receiving payroll relief loans under the U.S. Small Business Administration’s Paycheck Protection Program.
Fewer than 800 Rhode Island businesses secured a combined $25.9 million in forgivable loans between the original end date on June 30 and the extended deadline of Aug. 8, according to an SBA’s latest update. In total, the program served just under 18,000 state businesses with $1.9 billion in loans.
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Nationally, too, the extension changed the final numbers only slightly. Of the 5.2 million companies nationally approved for the loans, just over 320,000 were approved during the extended application period in July and August. The total $525 billion approved in forgivable loans still leaves just under $134 billion in already-allocated federal funds up for grabs.
The average loan size across recipient businesses was $101,000, with nearly 70% of applicants receiving $50,000 or less. JPMorgan Chase & Co. topped the list of 5,460 participating lenders, responsible for 4.4% of approved loans, followed by Bank of America at 3.9%. Across industries, health care and social assistance, construction and professional, scientific and technical services each claimed roughly 12% of dollars awarded.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
