As part of the funds Maine received from the federal CARES Act for the Community Development Block (CDBG) program, grants of up to $5,000 are available for small businesses that experienced a revenue loss as a direct consequence of COVID-19.
We have received $1.4 million in Cares Act funds from the Economic Development Administration to provide loans to eligible businesses with flexible terms and low interest rates to meet their financing needs. These funds must be used for pandemic related costs, economic recovery efforts and to sustain organizations in their pandemic efforts.
This last installment of State of Maine CARES Act funding attributes $40 million to businesses in select sectors, most impacted by the pandemic. Grants are first come, first served at a maximum of $20,000. Businesses must pay sales tax to be eligible.