News Briefs

SBA releases streamlined PPP forgiveness application

PROVIDENCE – The U.S. Small Business Administration has released a simplified loan forgiveness application for Paycheck Protection Program loans of $50,000 or less.

The application, designed in consultation with the U.S. Treasury Department, will apply to the 3.6 million outstanding PPP loans of $50,000 or less, totaling approximately $62 billion of the $525 billion in PPP loans, the SBA said.

The SBA Rhode Island District Office said that over 11,600 Ocean State small businesses and entrepreneurs have PPP loans eligible for the streamlined application.

The new application form is two pages, with significantly less information required than the standard five-page application form.

Applicants with affiliated businesses receiving a combined $2 million or more in PPP loans are not eligible to use the streamlined application.

“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” said Treasury Secretary Steven T. Mnuchin. n

R.I. mortgage delinquency reaches 6.2% in July

PROVIDENCE – The share of mortgaged homes in Rhode Island delinquent by 30 days or more was 6.2% in July, CoreLogic said Oct. 13.

The rate of mortgage delinquency in the state was 4.3% one year prior.

While below the national rate of 6.6% in July, Rhode Island had the second-highest rate of mortgage delinquency in New England.

In Rhode Island, serious delinquency, or mortgages with payments past due by 90 days or more, accounted for 3.8% of all mortgages, an increase from 1.6% one year prior. Nationally, the serious mortgage-delinquency rate was 4.1% for the month.

The share of mortgaged homes in foreclosure in the state was 0.4%, a decline from 0.5% in July 2019. The national foreclosure rate was 0.3%.

“Four months into the pandemic, the [national] 120-day delinquency rate for July spiked to 1.4%,” said Frank Nothaft, chief economist at CoreLogic. “This was the highest rate in more than 21 years.” n

Twin River acquires Bally’s casino brand

LINCOLN – Twin River Worldwide Holdings Inc. announced Oct. 13 that it has purchased the Bally’s brand, previously owned by Caesars Entertainment Inc.

The Lincoln-based casino and hotel operator also agreed to purchase from Caesars the Atlantic City Bally’s property in New Jersey, but as part of the deal will provide Caesars a perpetual license to use the Bally’s brand at its existing Bally’s Las Vegas Hotel & Casino property.

Financial terms of the acquisition were not disclosed.

The acquisition will allow Twin River to maintain the Bally’s name for the Atlantic City property, as well as to rebrand “virtually all of its portfolio properties” under the Bally’s name and logo, the release stated.

Twin River owns and manages Twin River Casino Hotel in Lincoln and Tiverton Casino Hotel in Tiverton, as well as two casinos in Mississippi, one in Delaware, one in Missouri, and three, plus a horse racetrack, in Colorado. n

Judge orders woman to pay $27K in restitution

PROVIDENCE – Alicia Pierini, 39, of Woonsocket, was ordered to repay nearly $27,000 to family members, friends and GoFundMe after she falsely claimed she had cancer and solicited donations to cover medical expenses for treatment, Attorney General Peter F. Neronha announced Oct. 13.

Pierini appeared in Providence County Superior Court and pleaded no contest to one count of obtaining money under false pretenses over $1,500. She was given a 10-year suspended sentence with 10 years of probation and was ordered to pay restitution of $10,840 to family members and friends and $16,153.26 to GoFundMe.

Had the case proceeded to trial, the state was prepared to prove that in 2017, Pierini falsely claimed she had cancer to solicit donations, which she then used to pay for trips, tickets to sporting events and other personal expenses. n

T.F. Green recognized among top U.S. airports

WARWICK – T.F. Green Airport was recognized as the “4th Best Airport in the United States,” according to the recently announced results of the Condé Nast Traveler’s 2020 Readers’ Choice Awards.

The rankings were the result of submitted responses from more than 715,000 Condé Nast readers who rated their travel experiences.

“This honor brings significant national recognition to T.F. Green Airport and provides a helpful boost to Rhode Island’s travel and tourism industry as the state and nation continue our recovery,” said Iftikhar Ahmad, CEO and president of the R.I. Airport Corp., in a statement.

Condé Nast noted, “T.F. Green Airport gets kudos from fliers as a ‘great little airport,’ that’s easy to reach and to navigate: More than two-thirds of New England’s population lives within a 75-minute drive of the airfield. … The airport has been growing steadily in recent years and is well-positioned to benefit from a resurgence in domestic air travel.” n

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