Across the country, more than one million small employers have been approved for PPP loans
Washington, D.C.— U.S. Senator Susan Collins announced today that $2.22 billion in forgivable Paycheck Protection Program loans have been approved for 16,196 small employers in Maine. Nearly 100 different Maine lending institutions are currently participating in the program and working around the clock to disburse this funding as quickly as possible.
Due to the high demand for these loans, the Paycheck Protection Program has run out of funding. Senator Collins is working with her colleagues to provide an additional $250 billion for this program so that more small employers in Maine and throughout the country can continue to pay their employees and survive.
“The Paycheck Protection Program has run out of funding. We urgently need an additional $250 billion for this program I co-authored that provides forgivable loans so small employers can survive and give paychecks to their employees,” said Senator Collins. “To give just one example, a community bank in Maine has nearly 300 pending applications from self-employed individuals who are requesting an average forgivable loan amount of $26,000. We need to replenish this program immediately so that these individuals can access this critical assistance. As of this morning, $2.22 billion in forgivable Paycheck Protection Programs loans have been approved for 16,196 Maine small employers. This funding is providing crucial support to an estimated 180,000 employees. The extremely high demand for these forgivable loans underscores the urgent need for Congress to act now.”
The Paycheck Protection Program was created by the Keeping American Workers Paid and Employed Act, which was authored by Senator Collins along with Senators Marco Rubio (R-FL), Ben Cardin (D-MD), and Jeanne Shaheen (D-NH) to help small employers continue to keep paying their workers for an 8-week period during the COVID-19 pandemic. These loans will be forgiven so long as employers use the money to keep their workers on payroll and to pay certain eligible business overhead expenses.
Their legislation was included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which passed the Senate 96-0 and was signed into law on March 27, 2020.
Specifically, the Keeping American Workers Paid and Employed Act: