Congressman Golden’s Small Business Town Hall by Phone
Congressman Golden will hold two listening sessions by phone for Maine small businesses at 6:30 p.m. on Wednesday, April 8th and Thursday, April 9th. The congressman wants to hear from small businesses about their challenges during the coronavirus crisis and what resources they will need going forward. SBA Administrator Amy Bassett, Maine Chamber of Commerce President Dana Connors, and representatives of the state’s credit unions and banks will join the call to answer questions and offer guidance about the programs and resources available to help small businesses stay afloat during this crisis.
If you would like to participate, please register online at golden.house.gov/live and call 855-962-1151 when the event starts.
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.
Mitigate Coronavirus Impact on Your Business – Small Business Administration
FAME (Finance Authority of Maine) Resources
- 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.
- Direct Loans of up to $50,000 with special terms available to Maine-based businesses experiencing interruption or hardship due to COVID-19.
- Provides commercial loan insurance of 50-75% to lenders who make loans to Maine businesses experiencing interruption or hardship due to COVID-19.
- 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 or Business Continuity Plan 2
- 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.
- Physical security and access planning are critical
- 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
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 firstname.lastname@example.org.
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
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 UI 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.
Click here for an overview of Maine Unemployment Programs.
- 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.