Scarborough Businesses Share Experiences
At our 1:30 open meetings, we are inviting Scarborough-based businesses to talk about their approach to doing business during COVID-19. Whether it's talking about their decisions on the various loan/grant programs or business in general, we are taking advantage of online meetings to share their stories with you. We will have guests at least once a week, generally on Thursdays. Next week (April 16) we will focus on the
Jay Chace, Scarborough's Planning Director will also join in to talk about the online meeting format for the Planning Board.
We've compiled a list of local lenders and links to their application process or other COVID-19 assistance. Some lenders have the full application process online, others require you to call or email. We've also provided a
, so that you can see what you will need for the process.
Please note that almost every lender requires you to have a relationship with the bank. Some will allow you to start an account with them and then apply,
Lastly, as you are contemplating what's best for your business, please know that you can apply for multiple programs. In last week's webinar with Maine Department of Economic & Community Development (MDECD), we were reminded that the
Economic Injury Disaster Loan Program (EIDL), the $10,000 Advance
Paycheck Protection Program (PPP)
can be used together. Just as a reminder, the EIDL and the Advance are applied for on the SBA site; the Paycheck Protection Program must be applied for through a lender such as a back or credit union.
You can take six months to decide to accept the EIDL funds, which should give you enough time to obtain your approval from the PPP. Our understanding from the webinar is that the PPP is a one time loan/grant (at least today) but the EIDL funds have more flexibility. Once you know what you receive from the PPP, you can adjust the funds from the EIDL up or down, or decide not to accept them at all.
As always, if you have questions, please feel free to call SEDCO. We will get you to the right source for information. Also, be aware that everything is in flux as rules and guidelines are developed at the same time applications are coming in to lenders, confusion is bound to happen. It's hard to say this, but patience and perseverance are required.