January 11, 2021 — The latest round of federal Paycheck Protection Program (PPP) loans became available on Monday, 11 January, 2021, according to the U.S. Small Business Administration’s website.
The funding became available through the passage of the USD 900 billion (EUR 739.6 billion) COVID-19 relief bill Congress approved last month. Up to USD 284 billion (EUR 233.4 billion) be available to small businesses and other eligible entities through the federal program.
July 28, 2020 — More than 1,300 lobstermen in Maine – about 1 in 3 – received forgivable loans through the Paycheck Protection Program (PPP), with the majority amounting to roughly $10,900.
It may not be enough to sustain fishermen through an already uncertain summer amid the COVID-19 pandemic, Ben Martens, executive director of the Maine Coast Fishermen’s Association, told the Portland Press Herald.
“A lot of people got very small loans that helped in the short term, at the start of the crisis, but now the crisis is dragging on and lobstering season hasn’t even really started,” Martens said.
New data from the U.S. Small Business Administration shows that altogether, Maine’s lobster industry received roughly $24 million in PPP funding, the most given to any business concern in the state; dine-in restaurants, beauty salons, real estate, and home building received the next highest amounts.
While the bulk of the fishing sector money – nearly $15 million – went to fishermen, some dealers, retailers and processors received loans between $150,000 and $1 million.