As you know, late last week the U.S. Congress approved and President Trump signed into law a $310 billion infusion in the Paycheck Protection Program (PPP), as well as additional funding for other emergency loan programs, hospitals, and COVID-19 testing.
The U.S. Small Business Administration has resumed accepting applications for the PPP TODAY. If you have not yet applied for a PPP loan, please contact your lender right away to see how these loans can help and to start the application process. The future of Maine’s and the nation’s economies depend on employers accessing this aid.
The Paycheck Protection Program provides loan amounts up to 250 percent of an employer’s monthly payroll expenses. These loans are forgivable if at least 75% of the loan is spent on payroll. The intent is to help employers stay afloat and keep their employees paid and employed through this crisis.
Before the initial round of funding for the PP was exhausted, nearly 17,000 businesses across Maine were approved for more than $2.2 billion in loans. They literally are a lifeline for employers across Maine and the country.
PPP loans are considered on a first-come, first-served basis, so it is important to contact your lender right away. A list of approved Maine lenders can be found here.
SBA also will resume processing EIDL Loan and Advance applications that are already in the queue. Those will be processed on a first-come, first-served basis, as well.
We will provide further information on the availability of the EIDL portal to receive new applications (including those from agricultural enterprises) as soon as possible.
To learn more about the relief options available for your business, click here.