What Maine small businesses need to have to know to get a new federal personal loan

The 1st Maine companies could start off making use of for a new spherical of Paycheck Defense Method financial loans on Monday, but the rollout is occurring in phases and the approach this time is diverse, with some demanded to give fiscal facts and other facts for a second mortgage.

The financial loans are part of the $900 billion federal stimulus package deal signed by President Donald Trump in December. The package incorporates $284 billion for a new spherical of the paycheck loans, which have served numerous Maine businesses maintain on personnel and stay afloat amid coronavirus pandemic constraints. The loans are forgivable if borrowers can confirm they utilized 60 % or much more on payroll.

Last year, Maine tiny businesses applied for more than 28,000 financial loans totaling near to $2.3 billion by August in the forgivable compact company financial loan software championed by Sen. Susan Collins, R-Maine, in the very first pandemic stimulus deal in March.