There were 597 PPP loans issued in Rhode Island during the week ending May 3 and the average loan amount was between $150,000 and $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.
| Apr 27 | Apr 28 | Apr 29 | Apr 30 | May 1 | May 2 | May 3 | |
|---|---|---|---|---|---|---|---|
| $5-10 million | 1 | 0 | 1 | 0 | 0 | 0 | 2 |
| $2-5 million | 4 | 5 | 1 | 2 | 0 | 0 | 1 |
| $1-2 million | 13 | 8 | 4 | 3 | 2 | 0 | 11 |
| $350,000-1 million | 38 | 40 | 16 | 18 | 7 | 1 | 44 |
| $150,000-350,000 | 63 | 94 | 75 | 50 | 20 | 4 | 69 |
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