Tiverton-LC Companies Received $18M In Federal Coronavirus Loans

TIVERTON-LITTLE COMPTON, RI — Companies in Tiverton and Little Compton received $18.27 million in loan approvals under the federal Paycheck Protection Program, according to data released Tuesday by the Small Business Administration.

The loans went to 345 companies and ranged from $1,100 to $1.5 million. Applicants said the loans would help them protect 2,131 jobs in Tiverton and Little Compton.

The data released this week includes all loans under the program passed in March as the coronavirus pandemic took hold and forced widespread business closures and layoffs. SBA released some loan data in July, but that data only showed loans over $150,000 and did not include specific dollar amounts.

The Washington Post, Bloomberg and other media companies sued the SBA to release the full data set. In November, a federal judge ruled in favor of the media companies and ordered the SBA to release the data by Dec. 1. The data released Tuesday was current as of Nov. 24 and includes updates to the data released in July.

Previous: Coronavirus Relief Loans In Tiverton-LC: Where PPP Money Went

PPP loans are part of the CARES Act, a comprehensive COVID-19 relief package Congress passed in the spring. The loans are forgivable as long as a certain percentage is used for payroll. The program stopped taking new applications in August, but business groups are pressuring federal lawmakers and the Trump administration to renew the program.

In Tiverton and Little Compton, some of the loans went to:

• Dutchman Dental, Tiverton: $380,271
• Sparks Company, Little Compton: $253,568
• Grays Ice Cream, Tiverton: $41,532
• Little Compton Community Center, Little Compton: $45,405

Statewide, there were more than 17,000 loans totaling $1.9 billion. In their loan applications, the companies that received the loans said they would help protect 161,577 jobs in Rhode Island.