There were nine PPP loans issued in Rhode Island during the week ending June 21. 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 |
|---|---|---|
| Alexander's Uniforms | 2020-06-15 | $150,000-350,000 |
| CTY Corporation | 2020-06-15 | $150,000-350,000 |
| Patrick J Mckenna Roofing, Inc. | 2020-06-16 | $350,000-1 million |
| 171 Atwells, Inc. | 2020-06-16 | $150,000-350,000 |
| V-H, Inc. | 2020-06-16 | $150,000-350,000 |
| M. Barboza & Sons Roofing & Sheet Metal Company, Inc. | 2020-06-18 | $150,000-350,000 |
| Power Resources, Inc. | 2020-06-18 | $150,000-350,000 |
| Wannamoisett Country Club | 2020-06-19 | $350,000-1 million |
| Caris Construction, LLC | 2020-06-19 | $150,000-350,000 |
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