PPP application deadline extended to May 31st

Published: Apr. 2, 2021 at 5:14 PM EDT
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A bill co-led by Maine’s Senator Susan Collins, and signed into law by the president, will provide much-needed funds for businesses affected by the pandemic. Kathy McCarty has more on what the PPP Extension Act of 2021 means for Maine businesses.

Since the start of the pandemic, Maine small employers have received nearly 43,000 forgivable loans, totaling more than $3.1 billion dollars, through the Paycheck Protection Program to help pay employees - that’s according to Senator Susan Collins. That program has now been extended through May 31st, providing an additional 30-day period for processing applications.

“This allows some individuals who received their first draw within the past couple of months to come back again closer towards June and receive a second draw, as long as their - their income is down enough to show a loss, which unless it’s changed in the new bill, which is not in the current iteration, you still have to show a 25 percent loss either over the year or in similar quarters. So for those who are kind of interested in figuring out ‘does that apply to me,’ I’d either talk to an accountant or someone like NMDC to do that calculation and make sure that you - you are or you aren’t eligible for another PPP,” says Brandon McDonald, Business Advisor for the Small Business Development Center.

Some business owners remain hesitant about applying.

“I think people just always think ‘Nah, no they wouldn’t give me any money.’ Well, the government’s really invested. You know, the state government and federal government - they’re invested in making sure businesses make it through this, and we’re grateful for it,” says Jane Torres, Director of the Greater Houlton Chamber of Commerce.

Funds are available for first-time applicants, as well as those who’ve already received money from the program.

“Unless something changes in the regulations, there really is nothing stopping a business that is absolutely in need from coming back and receiving a second PPP,” says McDonald.

For more information, visit our website. Kathy McCarty, NewsSource 8

For more information or to apply, call Brandon McDonald at 207-493-5770; or call Northern Maine Development Commission at 498-8736.

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