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Senator Susan Collins speaks about bill updating Paycheck Protection Program

Collins tours the Bangor Letter Shop
Collins tours the Bangor Letter Shop(wabi)
Published: Aug. 19, 2020 at 5:34 PM EDT
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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.

Copyright 2020 WABI. All rights reserved.

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