|U.S. Senator Susan Collins, the co-author of the Paycheck Protection Program (PPP) and a member of the Small Business Task Force, announced on July 4 that the President has signed into law a bill she co-sponsored giving small business owners more time to apply for a PPP loan. The legislation extends the U.S. Small Business Administration's authority to approve PPP loans through August 8, 2020.
Last week, Senator Collins spoke on the Senate floor to outline her priorities for the next phase of the Paycheck Protection Program, including allowing employers with fewer than 300 employees that have seen their revenues decline by more than 50 percent apply for a second PPP loan. In Maine, nearly 27,000 small employers have received loans totaling more than $2.2 billion, with translates to an average business size of approximately seven employees. The PPP is helping to sustain nearly 200,000 jobs in Maine alone.