Coronavirus Relief Loans In Rhode Island: Where PPP Money Went
PROVIDENCE, RI — More than 2,000 Rhode Island businesses and non-profits have received loans of $150,000 or more from the Paycheck Protection Program, or PPP, to help pay their employees during the coronavirus pandemic.
PPP loans were part of the federal government's CARES act, and are similar to grants. They will be forgiven if the business keeps employees on their payroll and do not cut their pay. The money can be used for other needs as well as payroll, such as interest on mortgages, rent or utilities.
On Monday, the U.S. Small Business Administration released data showing that nearly 5 million businesses have received PPP loans totaling over $521,000,000,000. The U.S. Treasury says that money has supported 51.1 million jobs, as much as 84 percent of America's small business employees.
Here's an interactive map that shows the businesses that received PPP loans of more than $150,000 in Rhode Island. You can zoom into an area and click on a pin to find the business and the details about the loan it received:
Learn more about PPP loans at the SBA's website here.
Patch editor Dave Copeland contributed to this report.
This article originally appeared on the Cranston Patch
