What you need to know about Maine’s $200 million Economic Recovery Program

Craig Olson
Posted 2020-08-25

Last Friday, Governor Janet Mills announced a $200 million program that will provide grants to Maine businesses with less than 50 employees that have been deeply impacted by the ongoing pandemic. There is a tight window for applications, so we wanted to take this opportunity to tell you a little bit more about the grant.

We are urging any business in our island and coastal communities to consider applying. If anything, it will help you understand, in financial terms, how the pandemic has affected you. If you have been through the Paycheck Protection Program (PPP) or Economic Injury Disaster Loans (EIDL) programs for the CARES Act, it will not seem terribly difficult.

The major points:

  • This funding program is NOT first come/first served — applications will be accepted through September 9th and reviewed after the closing date. One of the stressful factors for the PPP and EIDL applications was that it truly was a race against the clock as the money was expended. That is not the case with this grant program.
  • The grant will not reimburse businesses for all losses during the pandemic, it will provide grants for losses based on a prorated percentage based on the losses that applicants report.
  • You will be responsible for state and federal taxes for the grant amounts as income received on your 2020 tax returns.
  • Nonprofits are also eligible for the program.

We urge anyone who thinks they may be eligible to go to the Maine Economic Recovery Grant Program website and begin the application process.

Here are the links to get you started:

If you have any questions on the program, please reach out to Craig Olson at colson@islandinstitute.org, and we will do our best to answer your questions or find the person who can.

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