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Hamilton Reporter

Sunday, April 28, 2024

Rain Thai Bistro, Inc. receives a PPP loan between $150K-$350K on April 27

Genbusiness005

Rain Thai Bistro, Inc. received a Paycheck Protection Program loan for between $150,000 and $350,000 on April 27, according to the US Treasury Department.

There were 2,573 PPP loans issued in Tennessee during the week ending May 3 and the average loan amount was between $150,000 and $350,000.

There are approximately five million approved PPP loans with a total of $517,451,965,102 set aside for funding, according to the Small Business Administration. The average loan size was around $105,000 with over 5,000 lenders currently participating in the program.

The program was slow to get off the ground when it was crushed by an onslaught of would-be applicants. Another major criticism of the program pertained to who was receiving the loans. A program that was meant for small businesses witnessed the Los Angeles Lakers receive $4.6 million from the program. The Lakers qualified for the program under the rules as written but returned the funds according to a Laker’s statement provided to news outlets.

Breakdown of PPP Lending during week of May 3
Apr 27Apr 28Apr 29Apr 30May 1May 2May 3
$5-10 million9410023
$2-5 million201345104
$1-2 million38179141015
$350,000-1 million184211987215258
$150,000-350,0004435662832194214206

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