On March 27, 2020 Congress passed and the President signed the CARES Act, a law to provide relief to families and businesses which are unexpectedly impacted by the immediate consequences of the Coronavirus. The law provides for economic relief to America’s small businesses with guaranteed loans provided by the bank. These loans are to fund direct expenses that are not able to be paid due to businesses operations interrupted or shuttered due to the COVID-19 virus. The loans are forgivable for up to 8 weeks of payroll, mortgage interest, rent and utility expenses. The bank is working hard to start up a process to implement this loan program and have it operational once the guidance and procedures are provided by the U.S. Small Business Administration and the Department of Treasury.
In advance of the program being implemented, business customers who need assistance are encouraged to call their lenders to discuss their expected needs. As the loan program becomes available, your lender will provide you with an application and discuss with you the requirements to be eligible. Maine Community Bank CARES and will be helping our customers access the support they need under America’s CARES Act. We appreciate your patience as we implement the administration of this emergency federal program.
There are also direct loans from the SBA to support businesses that include a $10,000 grant. These loans are direct from the SBA and can be applied for at https://disasterloan.sba.gov/ela.