Washington, D.C.—U.S. Senator Susan Collins announced today that, since Friday morning, 1,816 small businesses in Maine have been approved for $510,891,620 in forgivable loans through the Payment Protection Program she co-authored.
Dozens of Maine-based lending institutions are currently participating in the program, and many banks and other lending institutions worked through the weekend to help small employers.
“I worked hard with a bipartisan group of my colleagues to create this forgivable loan program to support small employers and their employees, which will address the cash flow problem that small businesses are facing through no fault of their own. It is great news that applications for these desperately needed funds are in the pipeline,” said Senator Collins. “I am also grateful to the Maine banks and credit unions that have been working long hours and throughout the weekend to assist small businesses and certain nonprofits with their funding needs. This relief will help prevent small businesses from having to close their doors and help keep their employees paid during the pandemic.”
Paycheck Protection Program loans were 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 to help small employers continue to pay their workers during the COVID-19 pandemic. These loans will be forgiven so long as employers keep their workers on payroll. Their legislation was included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act and signed into law on March 27, 2020.