Maine Economic Recovery Grant Program
Governor Mills recently announced the Maine Economic Recovery Grant Program to help Maine small businesses and nonprofits as they continue to grapple with economic hardships caused by COVID-19.
As of Friday, August 21, every small business and many non-profit organizations with 50 or fewer employees can apply to receive a grant of up to $100,000 to replace COVID-19 related losses. Using federal CARES Act Coronavirus Relief Funds, the Governor has committed up to $200 million for this initiative, making it a central pandemic support strategy for Maine’s economy.
The Administration is working in partnership with AVCOG and the other federally designated Economic Development Districts to implement this program. AVCOG will be processing applications and distributing these critical funds to Maine’s small businesses and eligible nonprofits in our region.
If you weren't able to join DECD’s informational webinar (8/25/20) on the Economic Recovery Grant Program, here are a few links that may help you navigate through the grant process.
• Webinar - Video
• Webinar - Audio Only
• DECD - Economic Recovery Grant Program Website
• Application Portal - all applicants must use this portal to submit a final application
• PDF Application - for reference only - all applicants must submit applications through the application portal
• Still have questions? Contact us at BizAwards.DECD@maine.gov or call 1 (800) 872-3838 and press 3
• Grants are due September 9, 2020
For more information please visit: https://www.maine.gov/decd/
Micro-Enterprise Grant Program
The Maine Department of Economic & Community Development (DECD) in partnership with the Maine Small Business Development Centers (SBDC) will provide grants of up to $5,000 for businesses with five or fewer employees, with an owner whose income is in the low to moderate range as defined by the Department of Housing and Urban Development (HUD).
Click here for program details.
Restarting Maine’s Economy
The plan establishes four gradual stages of reopening, the first of which begins on May 1st. Designed with input from public health and industry experts, this staged approach will allow Maine businesses to safely open when the time is right, and stay open by following reasonable, practical guidelines to ensure the safety of employees and customers.
Looking for PPE?
The Manufacturers Association of Maine and The Maine MEP are collectively working with a number of Maine manufacturing companies making PPE. They continue to update their sites with the most current companies making PPE across Maine.
Please share with your local municipalities and others in your community. This is a great way to support manufacturers in Maine!
SBA (Small Business Administration) Resources
- SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- SBA loans do have a credit worthiness requirement. While there is a 4-month grace period built into the loan, businesses do have to show enough cashflow to pay back the loan.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
- Maine’s SBDC Advisors can assist businesses with the SBA loan process. All advising sessions with clients are being held remotely via conference calls at this time.
- Unemployment - New CARES Update
FAME (Finance Authority of Maine) Resources
COVID-19 Relief Interim SBA Finance Loan Program
Direct Loans to Maine-based businesses of up to $100,000 with special terms available to eligible borrowers who provide proof of commitment for SBA financing.
COVID-19 Relief Business Direct Loan Program
Direct Loans of up to $50,000 with special terms available to Maine-based businesses experiencing interruption or hardship due to COVID-19.
COVID-19 Relief Lender Insurance Program
Provides commercial loan insurance of 50-75% to lenders who make loans to Maine businesses experiencing interruption or hardship due to COVID-19.
COVID-19 Relief Consumer Loan Program
The program offers loans of up to $5,000 (minus any unemployment benefits received by borrower). Interested borrowers should contact their local bank or credit union (not FAME) to see if the lender is offering this program and to apply.
Grant Opportunities through Private Entities
MaineMEP (Manufacturing Extension Partnership) Resources
- Determine supply chain disruption risks. Check out this supply chain disruption checklist created by our partners in Illinois.
- Reeducate employees on preventing virus spread
- Review and revise cleaning schedules for common areas
- Work with local health professionals
- Communicate promptly
- Develop a Business Continuity Plan: Here are two useful guides Business Continuity Plan 1
- Disaster Recovery Plans: Many Maine MEP clients have disaster recovery plans associated with their ISO certification. Please make sure to revisit and update these plans as necessary.
- IT System preparedness and plans for remote working may be necessary
- Review your insurance coverage to understand scenarios where you are covered, and potential holes in coverage
- Review local and national financial resources.
Medical Equipment Supply Coordination
Maine MEP is working with local hospitals, The University of Maine, Manufacturers Association of Maine, PTAC, DECD and others to coordinate manufacturing of the medical equipment our hospitals will need to combat COVID-19 in Maine.
If you are interested in being added to the list of manufacturers who are able to help please contact us at email@example.com.
Small Businesses: Steps to Take During COVID-19
The Maine Department of Economic and Community Development put together a guide for small businesses in immediate financial distress.
Tourism Related COVID-19 Updates – Maine Office of Tourism
Maine Tourism Relief Fund – Maine Tourism Association
This team is offering free technical assistance to set up online ordering and curbside pickup for local farmers.
AVCOG COVID-19 Newsletters - COVID-19 Resource Updates
Click here to register for Maine Department of Economic & Community Development Weekly COVID-19 Updates with Commissioner Heather Johnson - held weekly on Wednesdays from 3:30 - 4:30 PM.
COVID-19 Federal Rural Resource Guide
USDA Unveils tool to help rural communities address the COVID-19 pandemic.
Eligibility for unemployment insurance has been extended to individuals whose employment has been impacted by COVID-19. It also temporarily waives the one week waiting period for benefits so that workers may obtain benefits faster and ensures that claims for Unemployment Insurance will not affect an employer’s experience rating.
Claims can be filed online (click on "Claimant Services" and then click on create account) or by phone 1-800-593-7660.
COVID-19 Relief Consumer Loan Program
Eligibility - Any Maine resident, including those who are self-employed, who has experienced a reduction in income since January 1, 2020 as a result of COVID-19.