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1,800+ Maine small businesses already approved for over $510 million in PPP loans

Apr 06, 2020

Washington, D. C. — Since Friday morning, 1,816 small businesses in Maine have been approved for $510,891,620 in forgivable loans through the new federal Payment Protection Program.

According to an announcement tonight from the office of Sen. Susan Collins, R-Maine, 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.

Paycheck Protection Program loans were created by the Keeping American Workers Paid and Employed Act, which Collins co-authored together with Sens. Marco Rubio, R-Fla.; Ben Cardin, D-Md.; and Jeanne Shaheen, D-N.H., 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 that was signed into law March 27.

Collins expressed gratitude 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,” she said in the announcement.

 

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