Loan data for Rhode Island revealed as inflation rocks the country

By Ocean State Today

Nov 2, 2022

There were 10,933 small businesses in Rhode Island which received Paycheck Protection Loans (PPP) of $25,000 or under. These 10,933 businesses received $142,472,281 in total since the COVID-19 pandemic began, according to the U.S. Small Business Administration

Loans of $25,000 were provided to 104 businesses.

The largest loan underneath the $25,000 threshold was $25,000, given to Glistening Goddesses, LLC.

The average loan amount provided to Rhode Island small businesses was $83,876.

One of the biggest drivers causing inflation, which is currently decimating the U.S. economy, is loans. With more money available to residents through the PPP, the purchasing power of that money is diminished, meaning it takes more money to buy the same amount of goods as before.

Economist Mickey D. Levy argued the PPP and many other assistance programs offered during the COVID-19 pandemic sparked the inflation seen in recent months by boosting the economy beyond what it could reasonably handle.

Roughly $800 billion was injected into the U.S. economy while interest rates were low, causing people to overextend themselves at the time to land in trouble in the future, he claimed.

A 2022 study found that the PPP spent between $169,000 and $258,000 to protect one job. With the average salary of a small-business worker being around $58,000, the study found the program overspent by roughly 75 percent.

Top 100 Rhode Island Businesses Which Received PPP Loans $25,000 or Lower

Borrower Name	Loan Amount	Difference From Average Loan Amount in RI
Glistening Goddesses, LLC	$25,000	-$58,876
Phoenix Commercial DLM Cleaning Antojitos Restau	$25,000	-$58,876
Epic Salon	$25,000	-$58,876
Eastern Fire Protection, LLC	$25,000	-$58,876
Francine Roy	$25,000	-$58,876
Promote Station, LLC	$25,000	-$58,876
PFG Lending, LLC	$25,000	-$58,876
Conflict Resolution Training, Inc.	$25,000	-$58,876
Kingstown Road Coffee, LLC	$25,000	-$58,876
The Law Offices of Michael D. Crane, LLC	$25,000	-$58,876
Interstate Towing, CORP.	$25,000	-$58,876
Charley's W. W., Inc.	$25,000	-$58,876
Immortal Land Development, LLC	$25,000	-$58,876
L. E. V. I., LLC	$25,000	-$58,876
L. E. V. I., LLC	$25,000	-$58,876
Santos Family Hypnosis, LLC	$25,000	-$58,876
Alpha Transport, Inc.	$25,000	-$58,876
Alpha Transport, Inc.	$25,000	-$58,876
Tim Mcgovern	$25,000	-$58,876
Wakefield, CORP	$25,000	-$58,876
Salon Deniz, Inc.	$25,000	-$58,876
JPSD, LLC	$25,000	-$58,876
The Law Offices of Michael D. Crane LL	$25,000	-$58,876
Barrington Soccer Association, Inc.	$25,000	-$58,876
Melco Plumbing & Heating, Inc.	$25,000	-$58,876
Newport Wine Cellar, LLC	$25,000	-$58,876
Team Sousa, LLC	$25,000	-$58,876
M a C Enterprises, Inc.	$25,000	-$58,876
Full Measure Industries, LLC	$25,000	-$58,876
Calma Salon	$25,000	-$58,876
Shipstone Power Design, LLC	$25,000	-$58,876
James Paradis	$25,000	-$58,876
Immortal Land Development, LLC	$25,000	-$58,876
Billinda Realty	$25,000	-$58,876
Pelly's Properties, LLC	$25,000	-$58,876
The Best Painting	$25,000	-$58,876
United Better Homes, LLC	$25,000	-$58,876
Milano Eyewear	$25,000	-$58,876
Clermont Mechanical Plumbing & Heating, Inc.	$25,000	-$58,876
Great Point, Inc.	$25,000	-$58,876
Newport Wine Cellar, LLC	$25,000	-$58,876
Milano Eyewear	$25,000	-$58,876
Union Concrete Corporation	$25,000	-$58,876
Great Point, Inc.	$25,000	-$58,876
US Directory Assistance, Inc.	$25,000	-$58,876
L R Associates, Inc.	$25,000	-$58,876
Professional Cleaning Services, LLC	$25,000	-$58,876
Second Shift Ventures Warwick, LLC	$25,000	-$58,876
Law Office of Jacqueline M. Bouchard P	$25,000	-$58,876
Succour Mobility Services, LLC	$25,000	-$58,876
TM TM LLCChuck Georgies Skin Care and Wellness, LLC	$25,000	-$58,876
Rosewood Consulting, Inc.	$25,000	-$58,876
Tyo-Ristaino, CORP	$25,000	-$58,876
Calaveras, LLC	$25,000	-$58,876
Calaveras, LLC	$25,000	-$58,876
Melco Plumbing and Heating, Inc.	$25,000	-$58,876
Hand Therapy Associates, LLC	$25,000	-$58,876
Oneil Electric Company	$25,000	-$58,876
Arya Sunil, CORP	$25,000	-$58,876
Aquidneck Services, LLC	$25,000	-$58,876
Hurd Brothers, LLC	$25,000	-$58,876
Glistening Goddesses, LLC	$25,000	-$58,876
KPR Interiors	$25,000	-$58,876
Gaspee Media, LLC	$25,000	-$58,876
Fortin Group, LLC	$25,000	-$58,876
Frank Santos Jr.	$25,000	-$58,876
The Degnan Team	$25,000	-$58,876
Amber Holding	$25,000	-$58,876
High Street Coffee, LLC	$25,000	-$58,876
TM, LLC	$25,000	-$58,876
JPSD, LLC	$25,000	-$58,876
Law Office of Jacqueline M. Bouchard, P.C.	$25,000	-$58,876
Carmed, Inc.	$25,000	-$58,876
True North Communications, LLC	$25,000	-$58,876
D. M. Bruzzi Landscape Company, Inc.	$25,000	-$58,876
TK Specialties, Inc.	$25,000	-$58,876
Alan Baines, Inc.	$25,000	-$58,876
Benchmark North America, Inc.	$25,000	-$58,876
Quaker Lane Bait & Tackle, Ltd.	$25,000	-$58,876
Newport Appraisal Group, LLC	$25,000	-$58,876
Bean Barn, Inc.	$25,000	-$58,876
Shipstone Power Design, LLC	$25,000	-$58,876
Second Shift Ventures Warwick, LLC	$25,000	-$58,876
Reach out and Read RI	$25,000	-$58,876
G E Bourque and Sons -Sba Small 7a Term, Inc.	$25,000	-$58,876
Towne House Flowers, Inc.	$25,000	-$58,876
Mclear Medical	$25,000	-$58,876
Curran Tree, Inc.	$25,000	-$58,876
RI Bankruptcy Center, LLC	$25,000	-$58,876
Aquidneck Services, LLC	$25,000	-$58,876
Hwang Bishop Designs, Ltd.	$25,000	-$58,876
Majestic Nails	$24,998	-$58,878
Majestic Nails	$24,998	-$58,878
Three Ducks Car Wash, CORP.	$24,984	-$58,892
Michelle Duvall Crna, PLLC	$24,978	-$58,898
LA Casa DE Las Cortinas, CORP	$24,967	-$58,909
Lourenco Enterprises, Inc.	$24,920	-$58,956
M Miozza Dental Lab, Inc.	$24,917	-$58,960
Block Island Construction, Inc.	$24,912	-$58,964
Clipboard, Inc.	$24,912	-$58,964