The grant program makes use of $30 million in funds remaining from the Maine Financial Restoration Grant Program and $10 million in extra CRF monies devoted by Mills
AUGUSTA, Maine — Gov. Janet Mills on Monday introduced a brand new restoration grant program centered particularly on supporting Maine’s service sector small companies hit laborious by the coronavirus pandemic and at the moment are dealing with extra challenges through the winter months.
Dubbed the “Tourism, Hospitality & Restoration Grant Program,” which is backed by $40 million in federal Coronavirus Support, Aid, and Financial Safety (CARES) Act Coronavirus Aid Funds (CRF), Mills says this system will “assist tens of hundreds of jobs throughout the state.”
“Within the face of this unrelenting pandemic, many of those companies have tailored with basic Maine grit and resilience however nonetheless face historic and unprecedented challenges,” Mills mentioned in a launch. “I hope this program will assist present a minimum of a small quantity of economic assist to maintain them by means of these troublesome instances. I proceed to induce Congress to cross extra, sturdy aid for Maine individuals and companies.”
The grant program makes use of $30 million in funds remaining from the Maine Financial Restoration Grant Program and $10 million in extra CRF monies devoted by Mills. In growing this system, the Division of Financial and Group Growth (DECD) drew on suggestions from the tourism, hospitality, and retail industries to satisfy the distinct wants of these sectors.
“COVID-19 has created an unprecedented monetary disaster for companies within the service trade in Maine and all through the nation,” Heather Johnson, commissioner of the DECD, mentioned in a launch. “With enter from this trade sector, we have now created a grant program that permits companies to find out their most pressing wants particular to their particular person enterprise.”
Just like the Maine Financial Restoration Grant Program, a enterprise should display a necessity for monetary aid. Nevertheless, the Tourism, Hospitality & Retail Restoration Grant Program will consider want based mostly on product sales loss between March and September 2020 in comparison with the identical time in 2019. Beforehand, the Maine Financial Restoration Grant Program evaluated loss based mostly on revenues minus bills incurred throughout two completely different intervals of 2020. The Mills administration says this focused change will enable a wider vary of companies to obtain assist.
DECD will once more companion with among the Financial Growth Districts to manage this system. Grants will probably be awarded on a first-come, first-serve foundation which is able to enable for funding to be dispersed as functions are obtained and reviewed. The appliance portal will open Wednesday, December 2, 2020, at 9:30 a.m. on DECD’s web site and can stay open till funds are depleted. The appliance is predicted to take about ten minutes to finish. Funds should be dedicated by December 30, 2020, per steerage from the U.S. Treasury Division.
Grants could also be used to cowl bills, together with however not restricted to:
- Payroll prices and bills
- Lease or mortgage funds for enterprise services
- Utilities funds
- Obligatory working bills
- Bills incurred to replenish stock or different mandatory re-opening bills
- Buy of private protecting tools required by the enterprise or business-related tools
The Mills administration says funds should be spent on operations which are strictly inside Maine, recipients are responsible for any misuse of funds, and the grants are topic to audit.
The Tourism, Hospitality & Retail Restoration Grant program is the second grant program established by the Mills administration to supply monetary aid for small companies that incur enterprise disruptions and added bills on account of the COVID-19 pandemic.
In August, the Mills administration launched the Maine Economic Recovery Grant Program. In Section 1 of this system, 2,329 grants – 2,072 to small companies and 257 to non-profits – had been awarded totaling $105 million and averaging simply over $45,000 per award with recipients spanning your entire state.
The hospitality sector, notably lodging and lodging, characterize the biggest share of recipients, drawing 35 % of the awards.
In Section 2, which expanded this system to extra companies, the administration awarded 1,222 grants – 1,107 to companies and 115 to non-profits – totaling $53.6 million and averaging simply over $43,000 per award with recipients spanning your entire state. In complete, the Maine Financial Restoration Grant Program offered $158.6 million to three,551 companies and non-profits.
The Mills administration says every of those packages are meant to assist maintain the viability of Maine’s small, high-touch companies and supply funds for short-term aid to assist stabilize Maine’s financial system whereas nonetheless specializing in the state’s long-term objectives described within the state’s 10-year strategic economic development plan.