Washington, D.C.—U.S. Senator Susan Collins, the co-author of the Paycheck Protection Program (PPP) and a member of the Small Business Task Force, announced today that the President has signed into law a bill she co-sponsored giving small business owners more time to apply for a PPP loan.
The legislation extends the U.S. Small Business Administration’s authority to approve PPP loans through August 8, 2020. Previously, small businesses had until June 30, 2020, to apply for a PPP loan. Approximately $130 billion in PPP funding remains available to assist small businesses and their employees.
“The Paycheck Protection Program has been a lifeline to small businesses and their employees during the pandemic. Throughout the country, more than 4.8 million forgivable loans are helping small businesses to stay afloat and send paychecks to their workers. By extending the application deadline for the PPP, this law will help more small businesses access this vital program and avoid shutting their doors forever and laying off their employees,” said Senator Collins. “I will continue bipartisan negotiations on a bill to allow especially hard-hit businesses to be eligible to receive a second PPP loan.”
Last week, Senator Collins spoke on the Senate floor to outline her priorities for the next phase of the Paycheck Protection Program, including allowing employers with fewer than 300 employees that have seen their revenues decline by more than 50 percent apply for a second PPP loan. More information on Senator Collins’ proposal can be found HERE.
Since its launch in in early April, the PPP has provided $520 billion in forgivable loans to more than 4.8 million small employers across the nation. According to an ongoing U.S. Census survey, approximately 3 out of every 4 small business respondents report that they have received assistance under the program. In Maine, nearly 27,000 small employers have received loans totaling more than $2.2 billion, with translates to an average business size of approximately seven employees. The PPP is helping to sustain nearly 200,000 jobs in Maine alone.