Senator Collins unveils plan to preserve jobs and protect small businesses during Coronavirus pandemic
On Tuesday, March 17, 2020, U.S. Senator Susan Collins, a senior member of the Appropriations Committee and a member of the Health Committee, unveiled a legislative proposal today that would help prevent Americans from losing their jobs and keep small businesses from going under as a consequence of the coronavirus pandemic.
“I have been working with Secretary Steven Mnuchin and a group of my Senate colleagues, including Small Business Committee Chairman Marco Rubio, on legislation to address an issue facing small businesses in Maine and throughout the nation,” said Senator Collins. “Our plan will address the cash flow problem that small businesses are facing through no fault of their own by providing guaranteed federal loans to be used to pay their workers. An example is the hospitality industry in my state, where we have numerous restaurants, hotels, and B&Bs, that are being affected already due to the cancellation of graduations, conferences, and other events. As long as the business does not lay off any of its employees, the loan would be forgiven when it matures.”
“The purpose of this bill is to help workers keep their jobs and make sure that businesses that were thriving prior to the recent outbreak will be able to remain open once the crisis has passed,” Senator Collins continued.
Specifically, Senator Collins’ bill would: