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The U.S. SBA has several programs to help your small business through the COVID-19 pandemic. There are also local Maine loans and grants that can help.
PPP provides small businesses with funds to pay payroll costs and other eligible expenses. In order to be forgiven, no less than 60% of the loan needs to be used toward payroll with the remaining amount being spent on eligible expenses. This program is available through participating banks. There have been two rounds of this program.
EIDL provides a low-interest, long-term loan for businesses affected by the COVID-19 pandemic. Small businesses can receive a secured loan of up to $2 million, and an unsecured loan of up to $25,000. Loans can be used for working capital. The application deadline is December 31, 2021. Full details
SVO Grant Program will provide eligible applicants with grants equal to 45% of their gross earned revenue, with a max amount of $10 million. Eligible applicants should begin compiling their materials, including applying to the SAM system. Latest details
Express Bridge Loan allows small businesses that currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These funds can be used while you wait for your EIDL loan to be approved. Full details
SBA is authorized to pay 6 months of principal, interest, and any associated fees that borrowers owe for all 7(a), 504, and Microloans reported in regular servicing status (excluding PPP loans). This debt relief does not apply to loans made under the Economic Injury Disaster Loan (EIDL) program. Full details
There are many local relief programs across Maine that are offering small grants, loans, and resources to help you and your small business stay afloat as you cope with the impacts of Coronavirus. More details