Maine small businesses have received over $500M in PPP loans since January

File photo Businesses can expect inflation to be an issue into 2023, but supply chain issues and labor shortages should improve in coming months.

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By Staff

Since the federal Paycheck Protection Program reopened last month, 7,633 small employers in Maine have been approved for a total of $553 million in forgivable loans, according to the latest data from the U.S. Small Business Administration.

More than 1,500 small businesses were approved for nearly $100 million just last week, the data show.

The PPP received $284.5 billion in new funding from the federal COVID-19 relief package approved in December. Financial institutions across Maine and the country are now accepting and processing applications for eligible small businesses to receive a forgivable loan for the first time and for the hardest-hit small businesses to get a second loan.

Among provisions of the recent tranche of funding is an increase in maximum forgivable second-draw loan amounts for restaurants and hotels to equal 3.5 times monthly payroll.

“The continued demand for forgivable PPP loans demonstrates why it was so important that we reopened this program for the hardest hit small businesses,” said U.S. Senator Collins, R-Maine, a co-author of the PPP, in a news release. “The PPP is making it possible for small business owners to keep their doors open, continue paying their employees, and make modifications to keep their employees and customers safe.”

In 2020, more than 28,000 Maine small businesses and self-employed individuals received nearly $2.3 billion in forgivable PPP loans, helping to support more than 250,000 jobs throughout the state.