The State of Maine plans to use CARES Act relief funding to help our
economy recover from the impacts of the global pandemic by supporting
Maine-based businesses and non-profit organizations through an Economic
Recovery Grant Program. The funding originates from the federal
Coronavirus Relief Fund and will be awarded in the form of grants to
directly alleviate the disruption of operations suffered by Maine’s
small businesses and non-profits as a result of the COVID-19 pandemic.
The Maine Department of Economic & Community Development has been
working closely with affected Maine organizations since the beginning of
this crisis and has gathered feedback from all sectors on the current
challenges.
Many Maine businesses and non-profits have not been able to access
existing sources of relief funding and so have “fallen through the
cracks” and need help in order to remain viable. Some of these
businesses are from sectors hardest hit from the global pandemic,
including those who remained closed for longer periods of time,
businesses that have not yet re-opened, businesses that rely on seasonal
cash flows, and businesses with decreased revenues due to declines in
consumer spending or declining global markets. This program is not meant
to be exclusive and acknowledges that nearly every industry sector in
Maine has experienced a decrease in revenue.
The money available for these grants cannot wholly replace or repair
the economic damage this pandemic has caused. Our narrow mission is to
ensure that each dollar has at least a small, direct impact on
supporting Maine businesses, Maine non-profit organizations, and Maine’s
economy.
Program Goals
This program provides grants for businesses and non-profit
organizations that demonstrate a need for financial relief based on lost
revenues or expenses related to the disruption of business operations
caused by the COVID-19 pandemic. Grants will be distributed based on a
business’s/organization’s demonstrated losses as a pro-rated percentage
of the total losses reported by qualified applicants.
The program is not intended to replace lost profits but only to help
businesses remain viable. This program is 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.
