From Moses Brown to Central Falls Detention - RI Companies Received Millions in PPP Monies
GoLocalProv Business Team
From Moses Brown to Central Falls Detention - RI Companies Received Millions in PPP Monies
Those receiving millions in federal Payroll Protection Plan (PPP) stimulus in Rhode Island range from Moses Brown School to Central Falls Detention Facility. Both the Quaker prep school and the criminal detention center received between $2 and $5 million in PPP funds.
After months of delays, the U.S. Small Business Administration released some of the data relating to the companies that received more than $600 billion in federal funds.
In Rhode Island, more than 2,400 businesses received more than $150,000 in federal stimulus payments. Ninety-two companies received more than $2 million.
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Those notable companies that receiving millions were The Ocean House controlled by billionaire Chuck Royce, which received between $2 million and $5 million according to the SBA. The mansions in Newport received millions -- the Preservation Society of Newport which operates properties from the Breakers to the Elms received between $2 and $5 million.
The U.S. Small Business Administration, in consultation with the Treasury Department, announced the release of data while facing lawsuits from a range of media companies seeking transparency to the loan program. The disclosure covers each of the 4.9 million PPP loans that have been made.
“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” said Secretary Steven T. Mnuchin.
“We are particularly pleased that 27% of the program’s reach in low and moderate-income communities which is in proportion to percentage of population in these areas. The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses,” he continued. “Today’s release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors, and independent contractors.”
On April 20, GoLocal filed a Freedom of Information Act request seeking all awards to Rhode Island businesses, but the SBA has now only released limited data.
According to the data provided, 14 business entities -- both for-profits and not-for-profits -- received between $5 million and $10 million in loans. Those loans can be forgiven.
The top tier recipients, those companies that received between $5 million and $10 million include companies primarily working in healthcare and construction-related fields.
“The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators,” said Administrator Jovita Carranza. “In three months, this Administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic. Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program. The jobs numbers released last week reinforce that PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.”
The program has been both praised and highly criticized. Many Rhode Island businesses, especially restaurants, criticized the program as employers needed to keep workers on the payroll to be eligible for the funds -- while the restaurants were forced to be closed due to Governor Gina Raimondo's executive orders.
One major auto dealer, Tasca Automotive Group received between $2 million and $5 million.
