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These 2,453 RI employers got a federal PPP loan worth at least $150,000

Business News

PROVIDENCE, R.I. (WPRI) — The U.S. Small Business Administration on Monday released the names of employers which have received loans through the federal Paycheck Protection Program, including 2,453 enterprises in Rhode Island.

The SBA data — released under pressure from Congress to provide an accounting for the $669 billion forgivable loan program — does not give specific loan amounts, instead categorizing all borrowers who received at least $150,000 in broader ranges.

“We are striking the appropriate balance of providing public transparency, while protecting the payroll and personal income information of small businesses, sole proprietors, and independent contractors,” U.S. Treasury Secretary Stephen Mnuchin said in a statement last month.

The PPP was created as part of the federal CARES Act, the massive economic rescue package that Congress passed in March to try and protect the economy from the effects of the COVID-19 pandemic. The program has been extended and altered in additional legislation since then.

The newly released data shows 14 Rhode Island enterprises qualified for the largest-sized loans of between $5 million and $10 million, including multiple medical providers such as Brown Medicine and University Orthopedics as well as manufacturers like Taco Inc. and KVH Industries.

At least 400 jobs each were listed as saved at 15 of the Rhode Island employers. That included many of the largest loan recipients as well as the elite Moses Brown School on Providence’s East Side, which received a loan of between $2 million and $5 million.

Other familiar names on the list included the Pawtucket Red Sox, which received between $350,000 and $1 million, as well as Rhode Island Public Radio and the parent company of the Foxy Lady strip club.

In addition to the list that included company names, the SBA released a separate list of all loans worth less than $150,000 that does not provide the names of the individual borrowers, but does list loan amounts and communities. That list showed 14,710 individual Rhode Island employers received smaller loans as low as $9. The average loan for those smaller enterprises was about $37,000.

Ted Nesi (tnesi@wpri.com) is WPRI 12’s politics and business editor and a Target 12 investigative reporter. He is a weekly panelist on Newsmakers and hosts Executive Suite. Follow him on Twitter and Facebook

Eli Sherman and Steph Machado contributed to this report.

Due to an editing error, this story originally gave an incorrect figure for the total number of loans.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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