• CARES Act Revolving Loan Fund (RLF) – The CARES Act was passed in 2020 to reduce the economic impact of the COVID-19 pandemic. As a result of this measure, KVCOG has received an award of $670,000 through the U.S. Economic Development Administration (U.S. EDA) to encourage lending through a new RLF Fund. These funds come with very favorable terms, not typical of our regular RLF loans:
– These loans are available to businesses located in Kennebec, Somerset, and western Waldo counties in Maine.
– These loans have extremely flexible lending terms and very favorable interest rates. Terms are determined on a case-by-case basis.
– Technical assistance will be provided upon request.
• 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.
• Shuttered Venue Operators Grant (SVOG) – established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. To apply, eligible businesses:
– Must have been in operation as of February 29, 2020
– Include live venue operators or promoters, theatrical producers, and live performing arts organization operators
• 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”