The U.S. Small Business Administration has resumed accepting applications, effective April 25, 2020.
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 percent 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.
To learn more about the relief options available for your business, click here.
Submitted by Mid-Maine Chamber of Commerce.
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