U.S. Sen. Susan Collins is urging the Trump Administration to support another round of forgivable Paycheck Protection Programs (PPP) loans for small businesses hit hard by the pandemic.
“Would you support allowing small borrowers in heavily affected sectors such as the tourism industry that cannot fully reopen because of state restrictions to seek additional PPP funds?” she said.
The PPP program has about $160 billion remaining for loans. At a meeting of the Senate Small Business Committee Wednesday, Collins urged Treasury Secretary Steven Mnuchin to support additional loan funding, or an extension of the terms for businesses limited by health restrictions, including restaurants.
“To seek additional PPP funds, apply again or extend again for another four weeks so that they can just make it through,” Collins said.
Mnuchin said he would consider the proposal, as another bill is being developed to provide businesses pandemic recovery assistance.
