Nearly 3 out of 4 Maine Small Businesses Have Received Funding Through the Paycheck Protection Program
Washington, D.C.—U.S. Senator Susan Collins, the co-author of the Paycheck Protection Program (PPP), announced today that nearly 3 out of 4 Maine small businesses have received forgivable PPP loans. A new survey by the U.S. Census Bureau showed that the PPP has distributed these funds to 73.1 percent of small businesses in the state.
“The Paycheck Protection Program has been an extraordinary success, providing a lifeline to nearly three out of every four small businesses across Maine. In addition, this program is helping to ensure that paychecks continue to be sent to approximately 200,000 Mainers,” said Senator Collins. “The numbers speak for themselves. The PPP is making a real difference by allowing small businesses to stay afloat and continue to pay their workers.”
The Paycheck Protection Program was 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 pay their workers for an 8-week period during the COVID-19 pandemic. These loans will be forgiven so long as employers use the money to keep their workers on payroll and to pay certain eligible business overhead expenses.
Their legislation was included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which passed the Senate 96-0 and was signed into law on March 27, 2020. The CARES Act provided $350 billion for the Paycheck Protection Program.
Last month Congress passed legislation to provide an additional $320 billion for the Paycheck Protection Program, bringing total program funding to $670 billion.
On Thursday, Senator Collins introduced the Paycheck Protection Program Extension Act, which would extend the PPP to reflect the fact that economic shutdowns have lasted longer than originally anticipated, and to provide small employers with more flexibility in the use of loan funds, such as purchasing personal protective equipment for their employees.
