SBA: Last week doubled new participants, funding for R.I. PPP recipients
AN UPDATE FROM THE U.S. Small Business Administration on its Paycheck Protection Program shows that, as of March 14, 9,400 Rhode Island businesses and eligible entities have received $771 million in loans since the program received renewed funding.
PROVIDENCE – Twice as many Rhode Island small businesses were approved for forgivable payroll loans in the last week compared with the prior, seven-day period, according to U.S. Small Business Administration data published Wednesday.
Nearly 1,000 more Rhode Island small businesses were approved for $54 million in Paycheck Protection Program loans between March 7 and March 14. By comparison, the prior one-week period brought in $25 million for 500 state small businesses, nonprofits and other eligible entities.
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The newly enacted $1.9 trillion spending bill includes additional funding of as much as $22.5 billion for states that have not yet expanded their Medicaid programs under Obamacare. Red states that have long resisted the expansion of the low-income government healthcare program will now find it hard to turn down the money.
Indeed, the state of Wyoming has taken a small, although possibly inadvertent, step toward expansion.
Medicaid is funded by both state and federal dollars. The federal government matches what states spend on the program under what is known as the Federal Medical Assistance Percentage. FMAP is determined by a state’s per capita income so that poorer states tend to receive larger FMAPs. For example, Mississippi, the poorest state in the country, receives an FMAP of 84%.