Package includes $320 Billion for the Paycheck Protection Program Senator Collins Co-Authored to assist small businesses and employees
To date, nearly 17,000 small employers in Maine have been approved for $2.24 billion in forgivable PPP loans, providing paychecks for approximately 180,000 employees
The average loan amount: $134,000, consistent with small businesses averaging 12 employees
Package also includes $100 billion to support hospitals and providers, and increase testing
Washington, D.C.—Today, the President signed into law a $480 billion bipartisan agreement as part of Congress’ ongoing response to COVID-19. Senator Collins, a senior member of the Appropriations Committee and a member of the Small Business Task Force, helped negotiate the legislation.
The deal provides $320 billion for the Paycheck Protection Program co-authored by Senator Collins, including $60 billion to support loans provided by smaller lenders. This brings total funding for the PPP to $670 billion so far. It also provides $60 billion for Economic Injury Disaster loans and grants Senator Collins advocated for, as well as $75 billion for hospitals and providers, and $25 billion for COVID-19 testing efforts.
“This bipartisan legislation continues to build on Congress’ multi-faceted emergency response to the public health and economic crisis caused by the coronavirus pandemic.
“The package provides crucial support to our hospitals and health care workers on the front lines and will help boost testing, which will assist medical professionals with determining when it is safe to reopen the economy and will give people the confidence to go back to school, sporting events, and other public forums.
“I am also delighted that the Paycheck Protection Program I co-authored has been replenished so that small businesses harmed by COVID-19 can pay their employees even if they are furloughed. In less than two weeks, the PPP provided $2.24 billion to nearly 17,000 small Maine employers, supporting an estimated 180,000 Maine jobs. The need for additional funding continues to be high among small businesses. In addition, self-employed individuals—including fishermen, freelancers, independent contractors, and others—have been hard hit by the pandemic, but funding for the PPP ran out shortly after they became eligible to apply. One community bank in Maine has nearly 300 pending applications from self-employed individuals who are requesting an average forgivable loan amount of $26,000.
“The additional funding signed into law today will bolster this vital program that is allowing small employers to survive and continue to give paychecks to their employees.”
To date, nearly 17,000 small employers in Maine have been approved for $2.24 billion in forgivable loans, providing paychecks for approximately 180,000 employees.
The average loan amount: $134,000, consistent with small businesses averaging 12 employees.
National figures also confirm the success of the program with an average loan amount of $206,000 with an estimated 18 employees per small business.