Loan Rangers: Behind the Scenes of the Paycheck Protection Program in Maine

Renee Cordes

Source

Mainebiz

Date

4-5-2021

Pages

16-17, 20-21

Abstract

More than 28,000 Maine businesses received $2.3 million in Paycheck Protection Program (PPP) loans. The federal COVID-relief loan program began in April 2020. The article briefly covers the history of the PPP and how it was administered. Banks scrambled to process paperwork and navigate changing rules, working round the clock. Bankers like Terry Trickey, Marjorie McAvoy, and Jeff McNally, among others, acknowledge the stress of the situation and describe the "wild ride" of processing unprecedented numbers of loans, but also say that being able to help businesses stay afloat was rewarding.

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