Struggling small businesses in Maine are quickly running out of time to apply for a forgivable loan through the federal Paycheck Protection Program.
Tuesday is the last day companies can apply for the program’s emergency loans, which can be used to pay staff and cover basic expenses, according to the U.S. Small Business Administration, which administers the program.
Maine businesses have received about 25,700 loans worth more than $2.2 billion in paycheck protection loans since the program was established in April.
The $349 billion available in the first round of the program was spent in less than a month. Congress replenished it with another $320 billion in late April.
Under revamped rules approved by Congress in late May, businesses can get their loan forgiven if they spend at least 60 percent of the money on payroll and use it over a 24-week period, as well as following other restrictions. If the loans are not forgiven, businesses will need to repay the money with 1 percent interest.
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