There were seven PPP loans issued in Rhode Island during the week ending June 14. 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 |
|---|---|---|
| Aid Maintenance CompanyII, Inc. | 2020-06-08 | $150,000-350,000 |
| Mark S Bichajian Inc., D.M.D. | 2020-06-08 | $150,000-350,000 |
| American Foam Corporation | 2020-06-10 | $150,000-350,000 |
| Hope Alzheimer's Center | 2020-06-10 | $150,000-350,000 |
| R. A. A. , Inc. | 2020-06-10 | $150,000-350,000 |
| Zale Hospitality, Inc. | 2020-06-10 | $150,000-350,000 |
| Newport Public Library | 2020-06-12 | $150,000-350,000 |
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