Which Newport County companies received PPP loans? Find them here
Posted Jul 6, 2020 at 4:35 PM
***Truncated after KVH mention
More than 1,700 businesses in Newport County received some type of financial assistance via the Paycheck Protection Program from the federal Small Business Administration, according to figures released by the U.S. Treasury on Monday.
For larger loans, those of at least $150,000, the company names were provided along with additional information, including the number of jobs retained. There were 186 such loans in Newport County, according to the data. The vast majority of the loans made locally were in smaller amounts, many to smaller businesses with employees in single-digit numbers.
According to the SBA, there were 4.9 million loans made nationally for a total of $521.5 billion. Rhode Island secured 17,163 of those loans totaling nearly $1.9 billion. In total, companies in the state reported the loans would preserve 108,390 jobs.
In Newport County, only one company — KVH Industries, Inc., in Middletown —secured a loan in the highest amount given, listed as a range between $5-10 million. KVH reported that 419 jobs would be retained.
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