We are here to support you and your business.
The Chamber is working hard to keep you informed and armed with the information you need to help your business. We have compiled helpful business information below and will keep updating this page as we are sent information.
The City of Sanford, in cooperation with MaineDOT and VHB, is hosting a virtual meeting on April 16, 2020 at 6:00 pm.
The purpose of the meeting is to establish a vision for a revitalized Downtown and guide the design of improved transportation infrastructure.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.
This fact sheet covers the questions you may be asking— and what you need to know, including:
· Am I eligible?
· What will lenders be looking for?
· What will lenders NOT be looking for?
· How much can I borrow?
· And more
- In response to COVID-19, the US Treasury and IRS will allow most tax payments to be delayed until July 15. You need to file a return or request a filing extension by April 15. No other filing is necessary for payment extensions. See free options at: www.irs.gov/coronavirus
- Liz Kilkenny of Best in Business is offering to help any businesses come up with ways to still drive business to them either through social media, a website, and can help with walking people through how to do different things like creating ads on social media or creating a website. She usually charges $65/hour for this, but would do it for $35/hr at this time.
- Submit your announcements to Legends radio station 104.3 and 92.1 and 97.1 Seacoast Oldies by clicking here.
- Remote virtual services are being offered by Bustle & Grow including assistance with your website, social media, email campaigns, ideas for tapping into creative revenue streams, and more. 207-370-5038.
What You Need to Know About SBA's Disaster Loan
Need help applying? Contact your SBDC advisor for assistance walking through the application process. Request advising here.
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Here's key information you need to know:
Who can apply?
In order to be eligible, you must be a small business (500 employees or less).
· Maine small businesses affected by the disaster - common eligible businesses include: retailers, restaurants, recreational facilities, tourism-based businesses, manufacturers, owners of rental property, hotels, wholesalers, and many more.
· Private nonprofits
· Small agriculture cooperatives are eligible, but agricultural enterprises are not
· Small aquaculture businesses
How to Apply?
While paper applications are accepted, filing electronically is easier, faster and more accurate. Apply here.
How can the loan be used?
The loans are for working capital which includes fixed debts, payroll, accounts payable, and other bills that can't be paid due to the disaster's impact. It does not cover lost sales.
How much can I apply for?
You will not be asked how much you would like to borrow. The SBA uses the information you provide to determine the loan amount. Small businesses can receive a secured loan up to $2 million, and an unsecured loan up to $25,000.
Gather Your Materials
· Business information
· Contact information and social security numbers for all applicants
· Employer Identification Number (EIN) for business applicants
· Insurance information
· Financial information (e.g. income, account balances and monthly expenses) - Know the total amounts and payments due for debts that will be paid over the next 10 months or longer (i.e. mortgages, student loans, credit cards, etc.)
Other key information:
· Use Internet Explorer or Mozilla Firefox to apply.
· The 'Help Button' provides useful information for each page.
· Use the 'Save Button' frequently.
· Be patient and keep trying if you experience slow load times.
What's next? What should you expect?
· You will receive email confirmation that your application has been submitted
· You will receive an email letting you know that your application is under review.
· BE PREPARED: You will be contacted by someone from the SBA
· Have your monthly expenses and financial projections ready (the SBDC can help with this!)
Need help? Contact your SBDC advisor for assistance walking through the application process. Request advising here.