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COVID-19 Funding Resources

The following guide serves as an outline to grant and loan opportunities for central Maine’s small businesses, non-profits, individuals, and municipal governments. CMGC strives to update this guide in a timely manner, and therefore programs including the Economic Injury Disaster Loan (EIDL) are not included.

A slide deck of all relevant COVID-19 funding sources is available here, which includes additional information on technical assistance partners and a needs assessment intake form.

Please note that this list of of programs is subject to change, further review, and funding availability. The cited programs are not a comprehensive list of all COVID-19-related relief programs.

Small Business

Employee Retention Tax Credit – delay payment of Employer’s portion of social security tax (6.2% on wages paid) to the IRS until 12/ 31/ 21 (when 50% are due) and 12/31/ 22 (when the remainder is due). For businesses of all sizes that:

– do not take small business loans;
– are earning gross receipts that are 50% or less than the comparable quarter in 2019; and
– are partially or fully suspended by government order due to COVID-19 during the calendar quarter

FAME Business Direct Loan – provides up to $50,000 at WSJ prime rate minus 1%. For eligible borrowers who are:

– a Maine-based business
– experiencing interruption or hardship due to COVID-19

FAME Interim Business Relief Loan – provides up to $100,000 in direct loans to eligible borrowers who provide proof of commitment of SBA (Small Business Administration) financing.

Maine Seed Capital Tax Credit – receive tax credit equal to 40% of the cash equity invested in a Maine business. For investors who:

– invest in a Maine business
– own less than 50% of the business, which must earn less than $5M in annual sales (and align with additional eligibility criteria)

MaineStream Finance Business Booster Loan – provides up to $10,000 to cover up to two months of working capital/operating expenses. Eligible borrowers include:

– sole proprietors and the self-employed
– small businesses who have or have not received relief financing through PPP or EIDL

Paycheck Protection Program (PPP) – the deadline on this forgivable loan program intended for payroll expenses has been extended to August 8th.

Sick Leave Tax Credit – receive tax credit equal to 100% of “qualified sick leave wages” paid in the calendar quarter. For businesses that:

– employ fewer than 500 workers
– are required to pay “qualified sick leave wages” or “qualified family leave wages”

Non-Profit

Elmina B. Sewall Foundation Rapid Response Fund – offers grants of up to $10,000 to support the emergency and/or time-sensitive needs of non-profits whose work is aligned with the mission and values of the Foundation.

Employee Retention Tax Credit – delay payment of Employer’s portion of social security tax (6.2% on wages paid) to the IRS until 12/ 31/ 21 (when 50% are due) and 12/31/ 22 (when the remainder is due). For tax-exempt organizations of all sizes that:

– do not take small business loans;
– are earning gross receipts that are 50% or less than the comparable quarter in 2019; and
– are partially or fully suspended by government order due to COVID-19 during the calendar quarter

Sick Leave Tax Credit – receive tax credit equal to 100% of “qualified sick leave wages” paid in the calendar quarter. For tax-exempt organizations that:

– employ fewer than 500 workers
– are required to pay “qualified sick leave wages” or “qualified family leave wages”

United Way of Mid-Maine Community First Fund – provides grants on a rolling basis to non-profits within the relevant service area.

Individual

FAME Consumer Loan – provides up to three (3) separate no- to low-interest loans of up to $5,000 each, minus any unemployment benefits received. Eligible borrowers are:

– Maine residents (including the self-employed)
– experiencing a reduction of income due to COVID-19
– applying through a partner credit union or bank

Good Shepherd Food Bank – alleviates hunger by providing free food and supplies; visit the link to find a location nearest you.

Municipal & State Government

Dept. Labor Dislocated Worker Grant – provides up to $100 M in funding resources for the implementation of Workforce Innovation & Opportunity Act (WIOA) training and employment services.

U.S. EDA Public Works & Economic Adjustment Assistance – funds 80-100% of eligible construction, non-construction, and technical assistance projects.

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