More Than 15,500 Maine Small Employers Have Been Approved for Nearly $886 Million in Forgivable Loans

Washington, D.C.—U.S. Senator Susan Collins, a co-author of the Paycheck Protection Program (PPP), announced today that 15,515 Maine small employers have been approved for a total of $885,814,126 in forgivable loans since the PPP reopened in January, according to the latest data from the U.S. Small Business Administration.  Combined with 2020 data, there have been more than 43,800 loans totaling upwards of $3.15 billion approved for Maine small employers. 

Last week, President Biden signed into law the PPP Extension Act of 2021, legislation co-led by Senator Collins to extend the PPP application deadline by two months and provide SBA with an additional 30 days to process pending applications.

“The continued demand for the Paycheck Protection Program after we extended the application deadline last week underscores how important this program continues to be,” said Senator Collins.  “The PPP has been a lifeline to tens of thousands of Maine small businesses, supporting hundreds of thousands of jobs.  I encourage eligible small businesses that have yet to apply for a first or second draw PPP loan to contact their financial institution as soon as possible.”

In the December COVID-19 relief law, Senator Collins secured $284.5 billion to reopen the PPP for first-time applicants and allow the hardest-hit small businesses to receive a second PPP loan.  Financial institutions across Maine and the country are currently accepting and processing PPP applications for eligible small businesses.  

Under the December law, small businesses that employ 300 or fewer people and that experienced a 25 percent or greater gross revenue loss between comparable periods in 2019 and 2020 due to COVID-19 are eligible to apply for a second forgivable PPP loan.  In addition, forgivable overhead expenses are expanded to include supplier costs and investments in facility modifications and personal protective equipment needed to operate safely.  In recognition of the severe impact that COVID-19 mitigation measures have had on the hospitality sector, in particular, the formula used to calculate the maximum forgivable loan amounts for second draw loans is enhanced for restaurants and hotels to equal 3.5x average monthly payroll.  Further, small business owners that did not receive a PPP loan in the first round are also eligible to apply.

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