COVID-19 Relieve Programs for Small Businesses

Paycheck Protection Program (PPP) »


Overview: The program is specifically designed to help small businesses keep their workforce employed. The initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

While the program is open until June 30, 2020, the government is advising borrowers to apply as soon as possible given the loan cap on the program.

How to Apply:  Businesses must submit their application through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. For those institutions that are not a SBA 7(a) lender, they can apply to be a participating PPP lender by completing an application.

Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million.  A borrower is eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the origination of the loan.

Economic Injury Disaster Loans and Loan Advance »


Overview:  The program offers a cash advance of $10,000 to cover immediate payroll and operating costs and is forgivable if certain criteria are met.

How to Apply:  Businesses only can apply for this assistance by going directly through the SBA.

SBA Express Bridge Loans (EBL) »


Overview:  This pilot program allows SBA Express Lenders to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts up to $25,000 for disaster-related purposes to small businesses located in communities affected by Presidentially-declared disasters while they apply for and await long-term financing.

EBL loans can only be made by SBA Express Lenders that had a valid SBA Form 2424, “Supplemental Loan Guaranty Agreement SBA Express Program,” in effect as of the date of the applicable disaster. For the COVID-19 Emergency Declaration, the date of the applicable disaster is March 13, 2020.

SBA Express Lenders may only make EBL loans to eligible small businesses with which the Lender had an existing banking relationship on or before the date of the applicable disaster.

  • A relationship with any of the SBA Express Lender’s affiliates will not satisfy the requirement of an existing banking relationship.

How to Apply:  Small businesses are eligible to apply for an EBL loan with a SBA Express Lender if the small businesses were located in any state, territory and the District of Columbia that have been adversely impacted by the COVID19 emergency. The small business must have been operational when the declared disaster commenced and must meet all other 7(a) loan eligibility requirements.

Maine Small Business Interim Assistance »


Overview:  The COVID-19 Relief Interim SBA Finance Loan Program provides FAME Direct Loans of up to $100,000 with special terms available to eligible borrowers who provide proof of commitment for SBA financing. Eligible borrowers will provide proof of commitment for SBA financing with the intention the FAME loan would be originated for use to business owner until such time as SBA loan is funded. The SBA loan would then pay-off the FAME loan.

To be eligible businesses must be Maine-based and provide proof of commitment for SBA financing (for COVID-19).

How to Apply:  Applicants apply directly through FAME. Completed applications should be emailed to  FAME is anticipating funding these loans within 48 business hours.