Latest COVID Updates: SBA Loans, Payroll Protection Program & Webinars

A message from Maine's Small Business Administration

SBA's Emergency Cash Advance Program

The $10,000 emergency cash advance is AVAILABLE NOW.  To be considered for this advance, you must submit a SBA Disaster Loan application (Economic Injury Disaster Loan). 

Just this week, the SBA has streamlined their application process to make it easier and quicker to complete. The program provides up to $10,000 in advance funds that DO NOT NEED TO BE REPAID. There are limitations on what these advance funds can be used for. Those who applied already are being asked to go back in and apply again.

More details here.

Payroll Protection Program What We Know So Far

As of 3/31/2020, the Payroll Protection Program is NOT CURRENTLY accepting applications. The rules for this new program have not yet been published - meaning that the applications to apply have NOT been established as of right now. Here's a summary of what we know so far.

We are recommending that businesses begin to gather their information:

  1. Reach out to your local bank to see if they will be participating. If so, see if there is any additional information they would recommend you prepare.

  2. Gather your payroll records for the last year including any benefit information.

  3. Prepare an eight-week budget for payroll costs, mortgage/rent payments, and utility expenses.

DON'T MISS THEIR LIVE WEBINARS THIS WEEK:

  • Survival Skills: Marketing Through Crisis

  • April 1, 2020 at 12 pm | Via Zoom | Register

  • Q&A Thursday with SBDC Business Advisors

  • April 2, 2020 at 11 am | Via Zoom | Register

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