PBN: SBA Reports $3.2B in Traditional, COVID-19 Loans to R.I. Businesses in FY 20
From Providence Business News November 9, 2020
The U.S. Small Business Administration provided more than $3.2 billion in capital to Rhode Island small businesses in fiscal year 2020 through traditional loan programs and emergency funding rolled out amid the COVID-19 pandemic, according to a news release.
A majority of the fiscal 2020 funds, $1.9 billion, was distributed via the forgivable payroll loans offered through the Paycheck Protection Program. Just under 18,000 Rhode Island businesses received PPP loans before the program closed in August. Another $565.4 million in low-interest loans helped more than 10,600 businesses in the state with short-term revenue losses through the SBA’s Economic Injury Disaster Loan program.