The governor of Maine moved quickly to ask the SBA to make relief loans available to businesses in the Pine Tree state.
Maine Governor, Janet Mills, announced March 15 that she has formally requested that the Small Business Administration (SBA) make low-interest relief loans for businesses impacted by the coronavirus outbreak available within the Pine Tree state.
As part of a wider relief effort announced last week by President Donald J. Trump, the SBA was directed to offer up to $2 million in coronavirus relief loans for impacted small businesses. Under the terms specified by the SBA, businesses impacted by the coronavirus outbreak would be able to borrow loans with interest rates between 2.75% and 3.75% depending on their business.
Gov. Mills is perhaps the first governor in the country to publicly state that she has formally requested the SBA declare the state as eligible for the relief loans.
But for businesses to apply for the loans, the governor of each state or territory must first request that the SBA declare regions or counties within the state eligible. The SBA would then work with local officials to make the loans available to businesses within the affected states.
Gov. Mills is perhaps the first governor in the country to publicly state that she has formally requested the SBA declare the state as eligible for the relief loans. Through a statement released on Sunday, she stated the request was made via an official letter.
“Maine’s small businesses and their workers are the backbone of our economy, and there is no question that the coronavirus is impacting them,” said Governor Mills through a prepared statement. “It is my hope that these actions will not only help them weather this difficult time by providing critical capital and financial support, but also provide them an important sense of relief amid the uncertainty.”
Editor’s Note: Neither Workest or Zenefits is affiliated with the Small Business Administration (SBA) or a lending organization. This article is intended for informational purposes only.