Modest companies have new possibilities for pandemic relief underneath new stimulus invoice

Little businesses damage by the pandemic can access far more financial loans and grant dollars in the $900 billion stimulus bill accepted by President Donald Trump in late December.

The reduction bill allocates $284 billion for another round of the federal Paycheck Security Program, a preferred forgivable loan software for small corporations championed by Sen. Susan Collins in the to start with coronavirus stimulus offer previous March. Maine companies utilized for extra than 28,000 financial loans totaling near to $2.3 billion as of last August.

Essential modifications to the plan this time all over purpose to make it extra beneficial and much easier for modest enterprises, Diane Sturgeon, deputy director of the Modest Company Administration for Maine, said Wednesday on a month to month teleconference connect with hosted by Maine Section of Economic and Local community Improvement Commissioner Heather Johnson. The Compact Company Administration administers the paycheck protection and other pandemic reduction personal loan and grant plans.