In addition to individual payments and unemployment enhancements, the $2 Trillion Federal Assistance bill - called the Coronavirus Aid, Relief and Economic Security Act (CARES) signed into law on Friday - has SIGNIFICANT BENEFITS FOR SMALL BUSINESSES. Specifically, your business or organization may be able to:

* Receive a "PPP" loan to help you cover payroll that is FORGIVABLE i.e. you don't have to pay it back depending on how you use it

* Receive an "EIDL" SBA Loan in which an advance of $10,000 acts like a GRANT i.e. you don't have to pay it back

Each of these is described more below, along with a few other updates as we all continue to adhere to the necessary physical distancing needed to combat this devastating virus. In the interim, start working on getting this Federal support money now so you are in a better position to regrow your business or organization when we all defeat it.

1. Paycheck Protection Program Loans via CARES Act

The "PPP" loan initiative provides employers with emergency cash-flow assistance loans. If employers maintain their employee base and use these funds on payroll, the loans will be forgiven.

There are numerous components to this to understand, including which businesses and organizations are eligible, loan size determination, loan usage stipulations, forgiveness criteria, etc. All current SBA Lenders are eligible to be PPP lenders as well. Processes are being developed now, but plan to leverage this - loans are available through June 30th, 2020.



2. Economic Injury Disaster Loans/Grants via CARES Act

Within three days of applying for an SBA Economic Injury Disaster Loan (EIDL), you are potentially eligible for an emergency advance grant of up to $10,000 if you request it, whether you end up receiving the loan or not. The advance does not need to be repaid, so effectively it is a grant . Apply now to get this money asap!

3. Maine State Taxes Due Date: Delayed Now Until 7/15

Governor Mills announced late last week that the Maine due date for state tax forms and payments would align now with the Federal date of July 15th, 2020. No fees or interest expense will accrue between now and then.

4. Local Restaurants List as of 3/30 (Today)

Here is the most current list of local restaurants that are providing service for area residents, with details about their offerings, hours, and take-out and/or delivery information: