Washington, D.C.—U.S. Senator Susan Collins issued this statement following today’s vote on an amendment she authored with Senator Marco Rubio (R-FL) that would allow the hardest-hit small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan:
“The PPP has been a critical lifeline for more than five million small employers, helping to sustain upwards of 50 million American jobs. In Maine alone, three out of four of our small businesses received forgivable loans totaling $2.3 billion, helping to support more than 250,000 jobs.
“The cruel fact is that the virus is still spreading, and many of the steps taken to fight it – necessary to protect public health – threaten catastrophic damage to many small businesses and their employees who have been sustained by the PPP but are still unable to return to normal operations. Many small businesses and nonprofits simply require more help now in order to survive, given the length and persistence of this pandemic.
“I am grateful that five Democrats crossed the aisle to join Republican Senators in support of an amendment I authored with Senator Marco Rubio (R-FL) to allow the hardest-hit small businesses to receive a second forgivable PPP loan. While a bipartisan majority of 57 Senators voted today in support of relief for our small businesses and their employees, that is unfortunately short of the 60-vote threshold that will be necessary to advance our effort. This tremendously successful and effective program is too important to be stymied by partisan bickering. Now is the time to move forward on this proposal to extend and strengthen the PPP before we lose more small businesses and their employees lose their jobs.”