COVID-19: Information, Resources and Tips for Maine Small Businesses
Updated May 19, 2020
What is the Paycheck Protection Program and how can it help me?
The cornerstone of the 2020 Coronavirus Aid, Relief, and Economic Stability (CARES) Act, is a relief package for small businesses called the Paycheck Protection Program (PPP). This Small Business Administration (SBA) program provides guaranteed loans to small businesses (including self-employed and independent contractors) who have been affected by the Coronavirus and maintain their payroll levels.
These funds will be available through participating banks, credit unions and other local financial institutions throughout Maine. Loan funds can be used for an eight-week period following the loan origination date and can be used for payroll costs, rent or mortgage interest payments, utilities or for paying interest on previously existing loan debt.
Here are a few resources that will help answer your questions about the Paycheck Protection Program and how you can access these funds through a participating financial institution.
- Paycheck Protection Program, U.S. Small Business Administration
- Payroll Protection Plan Information Sheet (PDF), U.S. Treasury Department
- What you need to know about the Paycheck Protection Program, Maine SBDC
- Paycheck Protection Checklist, Maine State Chamber of Commerce
Where can I go for business advice and guidance?
Below is a partial list of statewide organizations in Maine that provide free business advice and counseling.
What is Maine’s plan for restarting the Economy?
What are the COVID-19 prevention guidelines for small businesses who are considering reopening?
For Questions or More Information
Contact: Jim McConnon, Business and Economics Specialist and Professor of Economics, University of Maine Cooperative Extension, firstname.lastname@example.org.