There were 22 PPP loans issued in Rhode Island during the week ending May 10. The average loan size in the state was between $150,000 to 350,000.
There are approximately five million approved PPP loans with a total of $517,451,965,102 set aside for funding, according to the Small Business Administration. The average loan size was around $105,000 with over 5,000 lenders currently participating in the program.
The program was slow to get off the ground when it was crushed by an onslaught of would-be applicants. Another major criticism of the program pertained to who was receiving the loans. A program that was meant for small businesses witnessed the Los Angeles Lakers receive $4.6 million from the program. The Lakers qualified for the program under the rules as written but returned the funds according to a Laker’s statement provided to news outlets.
| Recipients | Date Received | Dollar Amount Received |
|---|---|---|
| Columbus Door Company | 2020-05-04 | $350,000-1 million |
| Callen Corporation | 2020-05-04 | $150,000-350,000 |
| Cra-Mar Corporation | 2020-05-04 | $150,000-350,000 |
| N. S. Welding and Mechanical Services, Inc. | 2020-05-04 | $150,000-350,000 |
| The Lobster Pot, Inc. | 2020-05-04 | $150,000-350,000 |
| Hopkins Manor, Ltd. | 2020-05-05 | $1-2 million |
| Orthopaedic Associates, Inc. | 2020-05-05 | $350,000-1 million |
| Rhode Island Quality Institute | 2020-05-05 | $350,000-1 million |
| East Bay Dental Associates, Inc. | 2020-05-05 | $150,000-350,000 |
| Giant Vapes, LLC | 2020-05-05 | $150,000-350,000 |
| KR Enterprises, Inc. | 2020-05-05 | $150,000-350,000 |
| Morra Electric, Inc. | 2020-05-05 | $150,000-350,000 |
| Nesctc Security Agency, LLC | 2020-05-06 | $350,000-1 million |
| TPG St. Pete Beach, LLC | 2020-05-06 | $350,000-1 million |
| Center for Individualized Training and Education | 2020-05-06 | $150,000-350,000 |
| Cox Electric, LLC | 2020-05-06 | $150,000-350,000 |
| Ocean State Academy School, LLC | 2020-05-07 | $350,000-1 million |
| Wheels for Work, LLC | 2020-05-07 | $350,000-1 million |
| Bel Terra Landscaping, Inc. | 2020-05-07 | $150,000-350,000 |
| Valley Heating & Cooling, Inc. | 2020-05-07 | $150,000-350,000 |
| Encompass Foundation | 2020-05-08 | $150,000-350,000 |
| Medsource, Inc. | 2020-05-08 | $150,000-350,000 |
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