Despite the fact that Senator Susan Collins claims to have paused her campaign for reelection, today she launched a new campaign ad boasting that she “wrote the Paycheck Protection Program,” which has received widespread criticism for giving more than $1 billion to large publicly traded companies while many small businesses that need the most support have been left out. Despite reports of the program’s major flaws, Collins has failed to fix it.
New polling has found that voters think Paycheck Protection Program funds were distributed unfairly by a two-to-one margin following reports that big banks’ wealthiest clients were moved to the front of the line to receive loans as small businesses continue to encounter ‘mind boggling’ challenges as they try to access and use the program’s funds.
Read more about how the program that Senator Collins wrote has been great for Wall Street banks and large corporations, while leaving Maine small businesses behind:
Beacon: Maine small business owners highlight ‘mind boggling’ problems with PPP
Portland Press Herald: Owners of Maine small businesses cite shortfalls in coronavirus aid program
NPR: Here's How The Small Business Loan Program Went Wrong In Just 4 Weeks
Washington Post: Public companies received $1 billion in stimulus funds meant for small businesses
CBS News: Los Angeles Lakers got a nearly $5 million Paycheck Protection Program loan
WABI: Bankrupt Maine hospitals sue for Paycheck Protection Program funds
The New York Times: Banks Gave Richest Clients ‘Concierge Treatment’ for Pandemic Aid
NPR: Small Business Rescue Earned Banks $10 Billion In Fees
Morning Consult: Small-Business Lending Program Gets Poor Marks From Voters
###