WASHINGTON, D.C. — U.S. Senator Susan Collins announced April 11 that 8,400 small businesses in Maine have been approved for $1.5 billion in forgivable Paycheck Protection Program loans.
Dozens of Maine lending institutions are currently participating in the program, her office said in a news release.
“The Paycheck Protection Program I co-authored went live eight days ago. In those eight days, 8,400 Maine small businesses have been approved for $1.5 billion in forgivable loans,”said Senator Collins. “This urgently needed relief will help keep workers’ paychecks coming and small businesses afloat. I will continue to work closely with Maine banks and credit unions, the SBA, and the Treasury Department to help ensure that all of this approved funding is disbursed as soon as possible.”
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 (D-NH) to help small employers continue to keep paying their workers for an 8-week period during the COVID-19 pandemic, the news release said.
These loans will be forgiven so long as employers keep their workers on payroll, the release noted. Certain overhead expenses, including utilities, are also included. The legislation was included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act and signed into law on March 27.