Late last week, the SBA announced it would make economic injury disaster loans available to small businesses upon the request of a state’s governor. In a letter to the SBA, Governor Mills certified that Maine’s small businesses have been impacted by COVID-19 and are eligible for the SBA loans. With the Governor’s letter, Maine is one of the first states to be approved for the SBA loans. According to the SBA, 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.
Maine small businesses can now access and apply for Economic Impact Disaster Loans at www.sba.gov/disaster. The SBA toll-free line has been established to answer questions at 1-800-659-2955.
Your small business may qualify for the loan. The link to the disaster assistance application: https://www.sba.gov/funding-programs/disaster-assistance
We will continue to keep you updated on any further changes, and as always if you have any questions we are here to help!
Mike, Katie & Marc