Political Quotes

“Mr. President, the Paycheck Protection Program of forgivable loans has been a lifeline to millions of our small businesses and their employees. According to a recent census survey, more than 76 percent of Maine's small businesses reported receiving a PPP loan. An estimated 240,000 Maine jobs have been supported by this critically important program, which has brought more than $2.2 billion to our State. Nationwide, more than 5 million small employers have received PPP loans. When Senators Rubio, Cardin, Shaheen, and I developed this program back in March, we had no idea how long economic closures to mitigate the spread of COVID-19 would last. Many small businesses have made considerable investments in personal protective equipment and facility modifications to operate safely during the pandemic and yet are still only able to operate at a fraction of their previous capacity. In fact, I talked to an innkeeper in Maine just this morning who told me that in normal times, at this point in the summer, his inn would be nearly full every single night, but this July his business is down by 93 percent. The bill that Senator Rubio and I are introducing would allow the hardest hit small employers--those whose revenue has declined by 50 percent or even more--to receive a second PPP forgivable loan. And to ensure that we are targeting assistance to the employers that need help the most, we limit those second loans to small businesses with 300 or fewer employees.…”