More than 5,000 small businesses in Maine are approved for more than $1 billion in forgivable loans under the Paycheck Protection Program, U.S. Sen. Susan Collins said.
“This more than $1 billion in urgently needed relief is great news for our state, and it will help thousands of Maine small employers continue to pay their employees and keep from closing their doors,” the Maine Republican said in a statement.
Paycheck Protection Program loans were created by the Keeping American Workers Paid and Employed Act to help small employers continue to pay their workers for an eight-week period during the pandemic.
Dozens of Maine lending institutions are participating in the program. The bill was authored by Collins along with Sens. Marco Rubio, R-Florida, Ben Cardin, D-Maryland, and Jeanne Shaheen, D-New Hampshire.
