SBA approves more than $1 billion for Maine small businesses
The Small Business Administration has approved more than $1 billion in loans for 5,334 Maine companies. That's according to Senator Susan Collins, who helped co-author the Paycheck Protection Program. She says dozens of Maine lending institutions are participating.
Under the Paycheck Protection Program, small business can have these loans forgiven so long as they keep their employees on payroll during the COVID-19 pandemic.
The legislation was part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law last month.
Senator Collins says she'll work with financial institutions and the Treasury Department to get the money distributed as soon as possible.