The Maine SBDC is committed to doing everything we can to help you navigate the challenges your business faces as a result of COVID-19.Request Advising
Last Updated: 5/18/2020
- Understanding PPP Forgiveness | COMING SOON!!
- More webinars coming soon…
- Paycheck Protection Program – Final Forgiveness Application Released, Full rules coming soon (5/18/2020)
- UNEMPLOYMENT FOR SELF-EMPLOYED: Maine Department of Labor will begin accepting applications for Pandemic Unemployment Assistance (PUA) beginning May 1st. This includes coverage for the self-employed. Maine DOL has detailed and comprehensive information available here. (4/29/2020)
WHAT YOU CAN DO NOW:
PREPARE FOR REOPEN:
- Governor Mills has outlined a four-stage plan to reopen Maine. See the full plan here. Under this plan, businesses must follow safety guidelines. See below for key compliance resources:
- Prevention Checklists for Businesses – Safety checklists for those who can open now
- Compliance form – Where you certify that you will help protect the health and safety of employees and customers
- Not on the list but think you can open safely? Request consideration to open your business here.
- Questions? Contact email@example.com or 1-800-872-3838.
- PLAN, PLAN, PLAN! Start planning now for a successful reopen under the “new normal”. Here are some helpful tips on planning to reopen successfully. Inevitably, those who are better prepared will be most successful!
MANAGE CASH FLOW:
- Assess your cash position and future needs. Now is the time to conserve and reduce overhead. Plan to conserve your cash for the next 6-12 months.
- Talk to your creditors, vendors and suppliers to discuss deferring payments. Do not ignore bills. Plan for your presumed inability to pay rather than waiting until payment is due and you are struggling to find the cash.
- Do NOT cash out retirement accounts, rack up credit card debt, or take out high-interest payday loans. There are other, less costly alternatives.
- Key information on SBA’s Economic Injury Disaster Loan (EIDL) here.
- Key information on SBA’s Paycheck Protection Program (PPP) here.
- FAME’s Business & Consumer Relief Programs are here.
Talk to your town or city and find out what they are doing for emergency response and relief efforts for small businesses. Inquire about any funds you can apply for at the municipal level.
OTHER HELPFUL OR IMPORTANT INFORMATION:
- For agriculture-based businesses, visit the Department of Ag’s resources
- Employee retention credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid. More info here.
- Federal and State tax filing and payment deadlines extended to July 15, 2020. More info here.
- Families First Act – This act went into effect on April 1, 2020, and requires business owners provide paid and sick leave for COVID related business absence. More info here.
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