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Last Updated: 6/17/2020
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:
- 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 the 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.
ACCESS DISASTER LOANS & ASSISTANCE
- 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 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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- Step-by-Step Approach to Reopening (6/24/2020) | RECORDING
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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