Federal Resources for Small Businesses
Overview of the federal loan and grant programs for Small Businesses included in the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act.
Chart comparing PPP vs SVO vs EIDL
Compare eligibility requirements and loan information for the different programs. Also available at the bottom of this page where it can be translated.
Important Update: On February 22, 2021, the Biden Administration announced the following changes to the Paycheck Protection Program in order to promote more equitable access to relief funds:
Please note SBA is still working to implement these changes. Please refer to the SBA Website for more details. You can also find more information in the White House Press Release. |
Supporting local partners and other resources
Maine SBA – Click the “Get Email Updates” button to receive the most up-to-date information about SBA’s small business resources. www.sba.gov/offices/district/me/augusta
Maine SBDC – Business advisors located throughout the state provide free, confidential advice. You can request advising on the website. www.mainesbdc.org
SCORE – A free, volunteer-led service, SCORE has both general business mentors and subject area experts at chapters around the state. www.scoremaine.org
CEI Maine – Request a business advisor through their website. www.ceimaine.org/advising
Women’s Business Center – Access events and programs specific to women business owners. www.ceimaine.org/advising/business-counseling-development/womens-business-center
U.S. SBA Contact Information:
Phone: 1-800-659-2955 (TTY: 1-800-877-8339)
Email: disastercustomerservice@sba.gov
Email: SVOGrant@sba.gov (for Shuttered Venue Operators Grant-specific questions)
Website: www.sba.gov/funding-programs/loans/coronavirus-relief-options
To access a full list of of COVID-19 resources for Maine businesses, including grants, loans, and other informational content visit the Maine Resource Compass Covid Page.

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First Draw PPP Loan |
Second Draw PPP Loan |
Shuttered Venue Operators Grant |
COVID-19 EIDL Loan |
Are Applications Open? |
Yes. Apply through a participating lender. |
Yes. Apply through a participating lender. |
No. SBA will give advanced notice of the date that applications will open. |
Yes. Apply online here. |
Application Deadline |
March 31, 2021 |
March 31, 2021 |
Not yet announced |
December 31, 2021 |
Are Funds Forgivable? |
Maybe. Full loan amount may qualify for forgiveness if certain standards are met. |
Maybe. Full loan amount may qualify for forgiveness if certain standards are met. |
Yes. Grants are forgivable and do not need to be repaid. |
No. Loans are not forgivable and must be repaid. |
Loan/Grant Details |
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Loan/Grant Calculation |
For most borrowers: Maximum loan size of 2.5X average monthly 2019 or 2020 payroll costs (up to $10 million)
For small businesses in industry NAICS code 72: Maximum loan size of 3.5X average monthly 2019 or 2020 payroll costs (up to $10 million) |
For most borrowers: Maximum loan size of 2.5X average monthly 2019 or 2020 payroll costs (up to $2 million)
For small businesses in industry NAICS code 72: Maximum loan size of 3.5X average monthly 2019 or 2020 payroll costs (up to $2 million) |
If you were in operation on January 1, 2019: Maximum award will equal 45% of your 2019 gross earned revenue (up to $10 million)
If you began operation after January 1, 2019: Maximum award will equal the average monthly gross revenue for each full month you were in operation during 2019 multiplied by 6 (up to $10 million) |
Calculation method not published. SBA uses the information you provide in your application to determine the loan amount. |
Eligibility Overview |
Eligible organizations include:
Must have been in operation as of February 15, 2020
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Those who received a First Draw PPP loan, who have not permanently closed may be eligible if the organization has:
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Eligible entities include:
Must have been in operation as of February 29, 2020
Must not have received a PPP loan on or after December 27, 2020 |
Small businesses (in most industries, meaning 500 employees or less) impacted by COVID-19 may be eligible, including:
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How Can Funds be Used? |
At least 60% of funds must be used for payroll costs in order to qualify for forgiveness. The remaining 40% of funds can be spent on allowable expenses, such as rent, interest on a mortgage, utility payments, etc. (list is not exhaustive). |
At least 60% of funds must be used for payroll costs in order to qualify for forgiveness. The remaining 40% of funds can be spent on allowable expenses, such as rent, interest on a mortgage, utility payments, etc. (list is not exhaustive). |
Funds may be used for specific expenses, such as payroll costs, rent payments, utility payments, etc. (list is not exhaustive). Allows for a broader use of funds than PPP loans. |
Funds are for working capital, which includes fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the disaster’s impact. It does not cover lost sales. |
Does Receipt of the Loan/Grant Impact Eligibility for Other Programs? |
Yes. If you received or will receive a PPP loan on or after December 27, 2020, you will not be eligible for a Shuttered Venue Operations Grant. |
Yes. If you received or will receive a PPP loan on or after December 27, 2020, you will not be eligible for a Shuttered Venue Operations Grant. |
Yes. If you will receive a Shuttered Venue Operators Grant, you are noteligible to receive a PPP loan on or after December 27, 2020. |
No. Receipt of a COVID-19 EIDL loan does not impact eligibility for a PPP loan or for a Shuttered Venue Operators Grant. |
Where Can I Find Additional Information? |
U.S. SBA:
Maine SBDC: Round 2 of the Paycheck Protection Program
SBA Email: disastercustomerservice@sba.gov
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U.S. SBA:
Maine SBDC: Round 2 of the Paycheck Protection Program
SBA Email: disastercustomerservice@sba.gov
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U.S. SBA: Shuttered Venue Operators Grant
SBA Email: |
U.S. SBA: COVID-19 Economic Injury Disaster Loans
Maine SBDC: What You Need to Know About SBA’s EIDL Loan
SBA Email: disastercustomerservice@sba.gov
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