March 20, 2020 Article

Legislative Alert: State and Federal Resources RE: COVID-19 Response

SBA Disaster Loans Information

On March 16, 2020, the U.S. Small Business Administration (SBA) approved Governor Mills’ application for SBA Economic Injury Disaster Loans to help Maine businesses overcome any temporary financial hardship due to COVID-19. Maine was one of the first states in the nation to be approved for these loans, and the application process is now up and running. 

The loans offer up to $2 million in assistance for small businesses and may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.

In addition to businesses regardless of size and private non-profit organizations, homeowners and renters may also apply for the SBA loans. The low-interest disaster loans may be used to repair or replace real estate, personal property, machinery and equipment, and inventory and business assets – all that may have been damaged or destroyed in a declared disaster.

The online applications for the Economic Impact Disaster Loans may be found at www.sba.gov/disaster. A toll-free line is also available to answer questions at 1-800-659-2955. If you need further assistance with the loan application process and answer additional questions, Maine DECD has partnered up with SBA, SCORE and Women Business Centers to provide workshops.

Additional Resources

There are numerous resources out there for both businesses and their employees during the COVID-19 pandemic. The Maine Department of Economic and Community Development compiled many of those sources into one location for easy access. We have provided that information below for your use.

Maine Office of the Governor

Maine Department of Labor

US CDC’s

Small Business Administration

US Department of Labor’s Occupational Safety and Health

US Chamber of Commerce

National Association of Manufacturers

Firm Highlights

Publication

Legislative Alert: Maine Legislature Adjourns!

The First Special Session of the 130 th Legislature finally adjourned on Monday night, July 19 th . As many of you may remember, the First Regular Session ended in March 30th when the...

Publication

Legislative Alert: First Week of the Legislative Session Update

The 130 th Maine State Legislature convened on Wednesday, December 2 nd to be sworn-in, to elect the Speaker and the Senate President, and to elect Maine’s Constitutional Officers. Due to the COVID-19 epidemic...

Publication

Legislative Alert: House Democratic and Senate Republican Leadership Elections

Senate Republicans held their leadership votes on Tuesday, November 10 th . As expected, Senator Jeff Timberlake was elected as Republican Leader. Both Senator Matt Pouliot and Senator Trey Stewart ran to be the...

Publication

Legislative Alert: Governor Janet Mills' Stage 4 Announcement

Governor Janet Mills announced Tuesday afternoon that Maine will enter Stage 4 of its four-stage Restarting Maine’s Economy Plan on October 13, 2020. Stage 4 will allow for increased indoor capacity during the winter...

Publication

Legislative Alert: Governor Janet Mills Updates the Keep Maine Healthy Program

Last month, Governor Mills made a number of adjustments to the state’s Keep Maine Healthy Program, allowing for greater capacity for indoor dining, establishing opening dates for indoor service at bars and tasting rooms...

Publication

Legislative Alert: Maine Legislators receive their upcoming committee assignments

As was promised by Senate President Troy Jackson, the presiding officers of the Maine Senate and House announced committee assignments for the recently sworn in 130th Legislature this afternoon. This is roughly a week...

Publication

Legislative Alert: 2020 Election and State House Update

(Current as of 11/4/20 at 2:30 PM EST) Presidential Maine is one of two states in the country that splits its electoral votes. As in 2016, this turned Maine’s more rural 2nd Congressional District...