Senator Susan Collins speaks about bill updating Paycheck Protection Program
BANGOR, Maine (WABI) - Senator Susan Collins stopped by a local business Wednesday that benefited from the Paycheck Protection Program.
The Bangor Letter Shop received a forgivable loan through the program Collins co-authored.
She toured the shop and asked questions about the challenges they’ve faced during the pandemic.
Collins says she and Senator Marco Rubio have introduced a bill to simplify the forgiveness process for PPP loans less than $100,000.
The bill would also allow small businesses with a 35% drop in revenue over the last year to apply for a second PPP loan.
”This will be so helpful because for many of them, the first PPP loan was a lifeline, but now they need additional help because there are still so many restrictions that inhibit their ability to fully open and to serve as many customers as they used to.”
A third component of the bill would allow businesses to use a portion of PPP loans to cover personal protective equipment and renovations required to meet CDC guidelines.
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