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Governor Janet Mills has announced that her Administration will launch a second phase of the Maine Economic Recovery Grant Program beginning Wednesday, September 23, 2020. Phase 2 will make available approximately $95 million in remaining funds from Phase 1 and expand access to the program by increasing the number of eligible businesses and non-profits. Under Phase 2, businesses and non-profits that employ up to 250 people will be eligible for grant rewards. Previously, small businesses and non-profits with up to 50 people were eligible. Licensed childcare and behavioral health organizations will be eligible in this round. Visit the Department of Economic and Community Development’s website for more information: https://www.maine.gov/decd/economic-recovery-grants
The Department of Economic and Community Development estimates that nearly 3,000 more businesses and non-profit organizations will be eligible for grants as a result of the program’s expansion. Additionally, the Governor announced that up to $5 million of the $95 million will be dedicated to support the viability of businesses less than a year old, which were not previously eligible. The Maine Technology Institute (MTI), which offers grants, loans, equity investments, and services to support Maine’s innovation economy, will lead the application review and financial disbursement of awards in their seven sectors.
The Maine Economic Recovery Grant Program is intended to help sustain the viability of Maine’s small businesses and nonprofits - not to replace lost profits – by providing short-term financial relief for businesses and non-profit organizations that incurred business disruptions as a result of the COVID-19 pandemic. Expanding the size of businesses also expands its scope since some types of businesses typically have more than 50 workers. Applications for Phase 2 will be accepted Wednesday, September 23, 2020 through Friday, October 23, 2020, at 11:59 p.m. with grants expected to be awarded in late November.
The Town of Kennebunk has created an Economic Recovery Resources page on our website, visit https://www.kennebunkmaine.us/1…/Economic-Recovery-Resources to learn more.