UPCOMING WEBINARS:
Best Practices for Manufacturers, Makers & Producers
New Date: Tuesday, 6/23/2020 at 11 am | REGISTER
Step-by-Step Approach to Reopening
Wednesday, 6/24/2020 at 11 am | REGISTER
Business Plan Basics
Thursday, 6/25/2020 at 11 am | REGISTER
Generating Visibility & Traffic to Your Business
Tuesday, 6/30/2020 at 11 am | REGISTER
Getting Started with E-Commerce
Thursday, 7/9/2020 at 2 pm | REGISTER
Customer Service & COVID
Tuesday, 7/14/2020 at 11 am | REGISTER |
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EIDL Reopens to All Businesses |
The SBA has reopened the Economic Injury Disaster Loan (EIDL) to all eligible small businesses. If you are interested, do not delay -- we do not know when the application will close again.
The EIDL provides low-interest, long-term loans to small businesses which can be used for working capital, payroll, accounts payable, and short-term debts. This program also provides up to $10,000 advance ($1,000 per employee, up to $10,000) that does not need to be paid back. More details here.
If you have already applied and have an application # that starts with 3, you do not need to reapply. |
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Paycheck Protection Program Changes |
There have been some important changes to the Paycheck Protection Program (PPP).
Highlights of these changes include:
- Requires at least 60% of the funds be spent on payroll
- Extends period to 24 weeks of loan issue or through Dec. 31, whichever comes first
- Defers repayment at least 10 months
- Extends loan maturity period to 5 years
- Extends period to restore staff or salary levels
- Provides clarification if you are unable to rehire staff
- More details here
In addition, the SBA & Treasury released updated forgiveness application based on these changes. Applications can be found here:
EZ Forgiveness Application: For those who fit in the below categories
Self-employed with no employees; OR
- Those who did not reduce the wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
- Those who have experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the wages of employees by more than 25%
Full Forgiveness Application: For all others who don't apply to the categories above.
FUNDS ARE STILL AVAILABLE.
Deadline: 6/30/20. Contact a participating lender. |
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"Thank you for being there for small businesses during this crisis and not only providing education and advice, but also a bit of 'business therapy'." - Recent Maine SBDC Client |
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