Coronavirus Impact on Your Business

Coronavirus Impact on Your Business

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. 

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Last Updated: 5/18/2020

UPCOMING WEBINARS:

  • Understanding PPP Forgiveness | COMING SOON!!
  • More webinars coming soon…

    NEW UPDATES:

    • 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

      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. 

            ACCESS CURRENT DISASTER LOANS:

            • 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.

              PAST WEBINARS:

              • Relaunching Your Service-Based Business (5/26/2020) | RECORDING
              • Relaunching Your Retail Business (5/20/2020) | RECORDING
              • Relaunching Your Hospitality Business (5/19/20) | RECORDING
              • Q&A Thursday with SBDC Business Advisors (5/14/2020) | RECORDING
              • Q&A Thursday with SBDC Business Advisors (5/7/2020) | RECORDING
              • Crisis Marketing: Finding Opportunity in COVID (5/6/2020) | RECORDING
              • Maine Blueberry Businesses – COVID Panelists | RECORDING (Password: 6M=1.3++)
              • COVID Relief for Fishermen (Maine Coast Fishermen) | RECORDING
              • Preparing to Reopen (4/22/20) | RECORDING
              • Marketing Through Crisis (4/1/20) | RECORDING
              • Navigating Cash Flow During Crisis (3/31/20) | RECORDING

              We know this is an uncertain and challenging time for Maine businesses. You are not alone. Your SBDC business advisor can guide you to current and future resources available.  No-cost, confidential business advising is available virtually through email, phone and videoconferencing. 

              Request Advising