Expanded State Economic Recovery Efforts: Two New Maine Grant Programs Available to Certain Businesses & Organizations

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Expanded State Economic Recovery Efforts: Two New Maine Grant Programs Available to Certain Businesses & Organizations
Maine Grant Programs
Maine Grant Programs

Two additional grant programs for businesses in Maine are now available, as part of the State’s continued economic recovery efforts: The Maine Tourism, Hospitality & Retail Recovery Grant Program and the Maine Health Care Financial Relief Grant Program.

According to Maine.gov’s program information, “These programs are intended to assist in the stabilization of Maine’s economy and accelerate the transition from short-term relief to regaining our state’s focus on Maine’s 10-year Economic Development Strategy, anchored in talent and innovation.”

 

 

The Maine Tourism, Hospitality & Retail Recovery Grant Program

The Maine Tourism, Hospitality & Retail Recovery Grant is a first come, first served program available to the first 2,500 approved applicants and will remain open as long as funds are available until the CARES Act deadline of December 30, 2020.

Eligible applicants must be customer-facing businesses and organizations in the tourism, hospitality, and/or retail sectors, including industry classification as an accommodation and/or food service; brewery, winery, and/or distillery; trader in retail, arts, entertainment, and/or recreation. Your business or organization’s gross sales must be between $24k and $12M. This grant is based on sales data reported on sales tax returns with the State of Maine, and applicants must show a 20% decrease in gross sales from March 2020 to September 2020 compared to March 2019 to September 2019.  Eligible applicants may be awarded up to $20,000.

Prior funding received through the Paycheck Protection Program (PPP), an Economic Injury Disaster Loan (EIDL), or a Maine Economic Recovery Grant (MERG) for COVID-19 does not automatically make a business ineligible. Grant funds received will constitute reportable income for tax purposes. Further eligibility requirements as well as the program qualifications and approved and unapproved uses for grant funds may be found at Maine.gov.

Maine.gov has also made the following program resources available:

ME Tourism, Hospitality & Retail Recovery Grant – Program FAQ’s

ME Tourism, Hospitality & Retail Recovery Grant – Program Application

ME Tourism, Hospitality & Retail Recovery Grant – Program Statement

Maine Health Care Financial Relief Grant Program

The Maine Health Care Financial Relief Grant is available to assist eligible businesses cover COVID-19-related losses. Applications may be submitted until 11:59 PM EST on December 10, 2020.

Individual hospitals, nursing facilities, and MaineCare providers with more than 250 employees, including assisted living facilities and their affiliated LLCs, may submit separate applications. For all other affiliated groups, only one application may be submitted. Only Form 990 and 990-EZ filers are eligible in terms of non-profit organization applicants.

Prior funding received through Phases I or II of MERG for COVID-19 does make a business ineligible for this grant. Grant funds received will constitute reportable income for tax purposes. Eligibility requirements, program qualifications, and approved and unapproved uses for grant funds may be found at Maine.gov.

Maine.gov has also made the following program resources available:

ME Health Care Financial Relief Grant – Program FAQ’s

ME Health Care Financial Relief Grant – Program Application

ME Health Care Financial Relief Grant – Program Statement

Contact ARB

ARB is dedicated to updating our clients and community as COVID-19-related federal and Maine legislation and relief funding programs and guidelines continue to evolve. Contact us if you have questions, and visit our COVID-19 Financial Resource and Tax Center for additional information on related matters.

by Holly Ferguson, CPA

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