PROVIDENCE – Another 400 Rhode Island businesses secured a combined $10,000 in paycheck relief funds in the last two weeks, according to the latest update from the U.S. Small Business Administration.
The update, which reflects approvals for the Paycheck Protection Program through June 20, brings Rhode Island’s total share of the program funds to $1.87 billion across 16,600 businesses. Nationally, the program has supplied $515 billion in forgivable loans to 4.7 billion businesses across two rounds of funding.
Approximately $128 billion is still available, with eight days until the program stops accepting applications on June 30. Interest in the program, which surged in the early rollout, has slowed significantly in recent weeks, although recently revised terms for forgiveness under the Flexibility Act may bring an uptick in applicants, local lenders have said.
Nancy Lavin is a PBN staff writer, You may reach her at Lavin@PBN.com.
