PROVIDENCE – Rhode Island small businesses have secured more than $1.8 billion in federal payroll relief, the U.S. Small Business Administration shared on Wednesday.
The total reflects the 15,000 loans for state applicants approved under two rounds of funding for the Paycheck Protection Program through May 16. A majority of the local money – $1.2 billion – was allocated in the initial round of funds included in the CARES Act, compared with the $600 million approved in the second round of funds, which is still underway. The number of approved applicants, however, has been roughly equal in each round, reflecting the substantially smaller loan amounts doled out under round two.
Demand for the program has slowed substantially, both locally and nationally, with money still up for grabs. Of the roughly $600 million approved locally since the second-round funding began on April 27, $550 million went through in the first five days.
Nationally, the program has benefited 4.3 million small businesses with $513 billion across both rounds of funding. Roughly $147 billion of the combined $660 billion allotment under both rounds of funding remains.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
