Maine DECD Announces Phase II of the Maine Economic Recovery Grant Program

Update as of September 21, 2020:

The DECD has announced Phase II of the Maine Economic Recovery Grant Program. Phase I of the Program, launched in August, ended on September 9th. Phase II is a continued effort to stabilize Maine’s economy by providing funds for Maine businesses and nonprofits that need COVID-19 relief funds to remain sustainable.

The DECD’s Online Application Portal will be open on their grant program web page from September 23, 2020, to October 23, 2020. Businesses and nonprofits awarded funds in Phase I of the program are not eligible to apply for Phase II. Most Program details remain unchanged; however, the Program’s second wave has expanded eligibility.

According to the Program revisions, eligible Maine businesses and organizations now include:

  • New businesses and organizations incorporated or purchased before March 31, 2020 
  • Businesses and organizations that employ a combined total of 250 or fewer FTE employees and contract employees throughout 2020. 
    • If, for a period greater than two weeks within 2020, your business/organization exceeded 250 employees and contract employees, then your business/organization is not eligible. 
      • For the purposes of this calculation, count 1 employee or contract employee if they are employed, on average, at least 30 hours of service per week or 130 hours of service per month.
      • Count 0.5 for each part-time employee who is employed, on average, less than this.

Grants of up to $100,000 will be distributed to eligible businesses/organizations, based on demonstrated losses due to COVID-19 from January through August 2020, as a prorated percentage of the total losses reported by all qualified Program applicants for the same time period. 

Additional Resources

The DECD’s Frequently Asked Questions Document contains program insight. The DECD has an upcoming informational webinar which will cover the details for applying for Phase II of the Program. You may register for one of the two webinar sessions offered. Sessions will be held on Wednesday, September 23rd at 9:00AM and Thursday, September 24th at 11:00 AM. 

 

by Alyssa Hemingway, CPA, CGMA & Holly Ferguson, CPA

 

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Originally published on August 24, 2020:

Maine DECD Announces the Maine Economic Recovery Grant Program

The Maine Department of Economic & Community Development (DECD) stated that the State of Maine plans to utilize CARES Act relief funding to provide grants for Maine business and nonprofits that demonstrate a need for financial relief due to lost revenues or expenses due to the COVID-19 pandemic and related interruption of business operations. The hope is the Maine Economic Recovery Grant Program will assist in stabilizing Maine’s economy and provide additional funds for Maine businesses and nonprofits that need help to remain sustainable.

Maine businesses that are at least a year old and have 50 or fewer combined employees and employee contractors are eligible for the program, with certain exceptions. Grants will be provided to eligible businesses and nonprofits based on a prorated percentage of the total losses reported by qualified applicants, up to a maximum of $100,000 per applicant.

Applications are now available on the Maine DECD Grant Program Web Page. Businesses and nonprofits may apply through September 9, 2020. Funding will be based on the review of applications after the close of the application period and will not be on a first come, first served basis. Announcement of funding is expected to occur by early October.

The DECD Commissioner, Heather Johnson, and Business Development Manager, Jonathan Poole, are leading an informational webinar on the Maine Economic Recovery Grant Program. To register for the information webinar, to learn more about program eligibility and Q&As, and to apply, check out the Maine DECD Grant Program Web Page.

 

by Alyssa Hemingway, CPA, CGMA