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$1.5 billion in emergency loans approved for 8,400 Maine small businesses

Apr 11, 2020

Washington, D. C. — U.S. Sen. Susan Collins today announced 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 participating in the program.

"This urgently needed relief will help keep workers’ paychecks coming and small businesses afloat," Collins said today, pledging to continue working 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 Collins co-authored with Sens. Marco Rubio, R-Fla.; Ben Cardin, D-Md.; and Jeanne Shaheen, D-N.H., to help small employers continue paying their workers for an eight-week period during the COVID-19 pandemic.

The loans will be forgiven so long as employers keep their workers on payroll. Certain overhead expenses, including utilities, are also included. The legislation is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law March 27.

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