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Collins Introduces $300 Billion Small Business Bailout

U.S. Sen. Susan Collins of Maine is sponsoring legislation would provide loans to help keep small businesses hurt by the coronavirus pandemic up and running.

“In the state of Maine in the last three days there were more claims for unemployment compensation than in all of last year. Three days.”

The legislation would provide loans to small businesses that could be forgiven if used to keep workers on the job. Collins says the $300 billion program would ease the burden on all types of small business.

“Our proposal will be very effective in ensuring that jobs are there for employees once this crisis ends and that’s the purpose of it.”

Collins says the legislation would penalize businesses that use the money for anything but payroll and utility costs to keep a business operating. She and Sen. Marco Rubio of Florida are proposing the legislation as part of a third economic stimulus measure.