Resources for Maine Businesses Impacted by COVID-19 Pandemic Federal - Paycheck Protection Program

Federal Paycheck Protection Program • Zero Fee Loan of up to $10 million • Can be used for payroll and other costs associated with doing business • Up to 8 weeks of the loan that was used for payroll and other business related costs will be forgiven if the business retains their employees at the current salary level. [...] • A business that receives an Economic Injury Disaster Loan between January 31, 2020 and June 30, 2020 as a result of a COVID-19 disaster declaration is eligible to apply for a Paycheck Protection Program loan or the business may refinance their Emergency Injury Disaster Loan into a Paycheck Protection Program loan. [...] • The Emergency Injury Disaster Loan grant award of up to $10,000 would be subtracted from the amount forgiven in the Payroll Protection Program. [...] • The Emergency Injury Disaster Loan Grant award of up to $10,000 would be subtracted from the amount. [...] • During the time that SBA borrowers are receiving the six months debt relief, they may apply for a Paycheck Protection Program Loan, however, the six months of SBA payment relief may not be applied to payments on the Paycheck Protection Program Loan.