Ocean State Veterinary Specialists received the largest PPP loan in East Greenwich.
By Elizabeth F. McNamara
The Small Business Association and the U.S. Treasury recently released information about Paycheck Protection Program (PPP) recipients of loans for $150,000 or more. The average loan size was for $107,000*. More than 3.5 million loans were for $50,000 or less, while about 82,600 loans were for more than $1 million. In Rhode Island, PPP provided 17,163 recipients with $1.88 billion between April and June.
The program was created as part of the federal Coronavirus Aid, Relief and Economic Security (CARES) Act last spring to provide up to $10 million per borrower to qualifying businesses to cover payroll and other business-related expenses. The loans are particularly valuable because they can be forgiven if they are used to cover at least eight weeks of payroll.
In East Greenwich, 58 companies received more than $150,000, including The Flaming Cauldron, owner of the Troll Shop on Main Street, which received between $350,000 and $1 million, and Rhode Island Clam, which received somewhere between $150,000 and $350,000, neither of whom listed the number of employees they would be able to retain using the loan money), and Ocean State Pediatrics ($150,000 to $350,000), to retain 25 employees, and Sweet Peas Village ($350,000 to $1 million), to retain 65 employees.
We offer the information available below. If there is a hyphen under that category, the company did not enter a value. There are four pages of data here – use the arrow at the top left of the chart to move through the pages. Hat tip to WPRI for the idea to use Datawrapper to present this information.