Maine Small Businesses Should Apply For Federal Paycheck Program

Governor Mills sent out a press release on the Maine.gov website on Tuesday encouraging Maine's small businesses to apply for the new Paycheck Protection Program.

This loan program will assist Maine small businesses with payroll, rent and other expenses to do with a small businesses.

The program is being encouraged by Maine's governor, is being administrated by the Small Business Administration(SBA, )and created by Congress to "help businesses keep their workforce employed during the novel coronavirus (COVID-19) pandemic."

Also through this program is the incentive to keep employees on the payroll:

The SBA will forgive loans through the program for eligible small businesses if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

More information about the Paycheck Protection Program can be found here.

Maine small businesses are also eligible for the Economic Injury Disaster loans through the SBA