$601 million has been doled out to companies and non-profits in Maine in the latest round of a federal pandemic relief loan program.
Senator Susan Collins’ office said Wednesday that more than 8,500 Paycheck Protection Program loans have been approved for small employers in Maine since last month.
The program was made to cover the cost of paying employees who are working during the pandemic, as well as other costs like basic expenses and health and safety measures. The loans are forgiven if those businesses spend most of them on employee payroll and follow other program rules.
According to the Portland Press Herald, employers in Maine received $2.3 billion in PPP loans in 2020.