League Governmental Affairs Updates

May 14, 2020 |

Economic Recovery Committee

Last week, Governor Mills created an Economic Recovery Committee and appointed Sam May, Board Chairman of Maine Harvest FCU, to serve on the important committee. The task force will focus on strengthening the workforce, expanding opportunities for low- and middle-income Mainers and rural areas, and attracting investment and innovation in up-and-coming sectors.

The Economic Recovery Committee consists of members from a wide range of fields, including financial services, municipal and state government, retail, and service industry representatives. The task force will release a preliminary report of recommendations to the governor no later than July 15, 2020 and a final report by December 1, 2020.

The League is working closely with May to promote and protect the interests of credit unions across the state. Credit unions play a vital role in Maine’s economy and the League is pleased that credit unions have a representative on the committee.

The Economic Recovery Committee is holding its first virtual meeting today, May 15. The meeting will be available for public viewing by registration.

Paycheck Protection Program – Seasonal Businesses

The Department of Treasury issued new guidance that could assist partnerships and seasonal employers who applied for Paycheck Protection Program (PPP) loans before the revised seasonal guidance was issued in late April. Those businesses may not have received PPP loans in the maximum amount for which they are eligible.

Senator Susan Collins’ office contacted the League on Thursday to notify Maine credit unions about the new rule on loan increases. Seasonal businesses that applied for and received PPP loans prior to the April guidance may revise their applications to seek additional funds, but only if the borrower’s bank has not submitted the SBA Form 1502 on the loan. The SBA will finalize and release that loan form shortly, which means the window for loan revisions will close soon. The League thanks the Senator’s office for bringing this guidance to our attention.