December 6, 2022

Small Business

Business Nes

A lot more Maine banks will start out accepting applications for federal pandemic loans

2 min read

A lot more Maine economic establishments can begin using applications starting off Friday for a new round of the federal loans that have buoyed smaller corporations for the duration of the coronavirus pandemic.

The bank loan programs, which began Monday, were to begin with restricted to community economical establishments this kind of as microlenders and licensed improvement organizations with less than $1 billion in normal full belongings around the previous three yrs. On Friday, banking companies and credit history unions with $1 billion or much less in assets will be equipped to consider new purposes and next apps for the federal loans. Up coming Tuesday, all loan providers can acquire loans, the U.S. Small Organization Administration said Thursday.

The well-liked financial loans have been a lifeline for small businesses. Previous 12 months, Maine compact businesses used for far more than 28,000 financial loans totaling near to $2.3 billion by August in the forgivable mortgage plan championed by Sen. Susan Collins, R-Maine, in the first pandemic stimulus deal in March. The $900 billion stimulus monthly bill signed by President Donald Trump in December bundled $284 billion for a new round of the federal Paycheck Safety Program financial loans.