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Financial Services Law Insights and Observations

Maine governor launches grant program for small businesses and nonprofits

State Issues Covid-19 Maine Small Business Mortgages

State Issues

On August 20, the Maine governor launched a $200 million economic grant program to assist Maine small businesses and nonprofits. To qualify for a grant, a business or nonprofit must demonstrate financial relief need due to Covid-19 impacts or a related public health response. Additionally, the business or organization must meet eligibility requirements, including having “significant operations” in Maine and being current and in good standing with certain tax filings through July 31, 2020. Grants may be used to cover expenses including, payroll costs and expenses, rent or mortgage payments for business facilities, and utilities payments. The application period begins on August 21, 2020, and runs through September 2, 2020. Awards will be made in early October. Additional information about the program can be found on the Maine Department of Economic and Community Development’s website.

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