Last year, $2.3 billion in forgivable PPP loans helped support more than 28,000 Maine small businesses and 250,000 jobs throughout the state
Washington, D.C.—U.S. Senator Susan Collins, a co-author of the Paycheck Protection Program (PPP), announced today that 7,633 Maine small employers have been approved for a total of $552,966,380 in forgivable PPP loans since the PPP reopened last month, according to the latest data from the U.S. Small Business Administration.
Senator Collins secured $284.5 billion for PPP in the December COVID-19 relief law. Financial institutions across Maine and the country are currently accepting and processing PPP applications for eligible small businesses seeking a forgivable loan for the first time and for those hardest hit small businesses who may receive a second forgivable loan.
“The continued demand for forgivable PPP loans demonstrates why it was so important that we reopened this program for the hardest hit small businesses,” said Senator Collins. “Since January, a total of 7,633 Maine employers have been approved for nearly $553 million in forgivable loans, including more than 1,500 small businesses that were approved for nearly $100 million just last week. The PPP is making it possible for small business owners to keep their doors open, continue paying their employees, and make modifications to keep their employees and customers safe. I encourage eligible small employers to contact their financial institution to apply.”
Small businesses that employ 300 or fewer people and that experienced a 25 percent or greater gross revenue loss between comparable periods in 2019 and 2020 due to COVID-19 are eligible to apply for a second forgivable PPP loan. In addition, forgivable overhead expenses are expanded to include supplier costs and investments in facility modifications and personal protective equipment needed to operate safely. In recognition of the severe impact that COVID-19 mitigation measures have had on the hospitality sector, in particular, the formula used to calculate the maximum forgivable loan amounts for second draw loans is enhanced for restaurants and hotels to equal 3.5x average monthly payroll. Further, small business owners that did not receive a PPP loan in the first round are also eligible to apply.
In 2020, more than 28,000 Maine small businesses and self-employed individuals received nearly $2.3 billion in forgivable PPP loans, helping to support more than 250,000 jobs throughout the state.