Cover photo for Thrive Maine Pandemic Recovery Forgivable Business Loan Program

Thrive Maine Pandemic Recovery Forgivable Business Loan Program

Finance Authority of Maine

Closed October 19, 2022


About

Administered by FAME, Thrive Maine is a forgivable loan program for businesses and nonprofits that demonstrate COVID-related negative economic impacts. The program is funded by the American Rescue Plan Act (ARPA), an economic stimulus bill that was passed by the 117th United States Congress, with $58 million allocated to support Maine small businesses by the Legislature and Governor Mills under LD 1733 through the Maine Jobs and Recovery Plan.

There will be two application periods. The first application period is now open and the second round will take place in 2023.


Eligibility

  • Must be a Maine business or nonprofit with fewer than 500 employees.

  • Must have significant operations in Maine (a minimum of 50% of employees and contract employees based in Maine).

  • Must demonstrate COVID-related negative economic impact in one of the following:

    • Loss of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization)

    • Expenses incurred

    • Increased Capital Project Cost

  • Businesses must be in good standing with the State of Maine.

  • Payroll, state, and federal taxes must be current.

  • Must have a Unique Entity Identifier (UEI)


Terms

  • Total amount of funds to be distributed from minimum of $10,000 to maximum of $2 million.

  • Loan forgiven at a rate of 25% per year over a four-year period. Forgivable loans are considered taxable income at the rate they are forgiven. See IRS tax code and consult your accountant for more information.

  • Forgivable loans will be administered on a first-come, first-served basis.

  • Losses for which the business previously received federal and/or state pandemic relief, such as Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), Maine Technology Institute PRIME Grant, Maine Small Business Grant funding, and others, cannot be re-submitted.


Resources


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Details

Release Date

October 1, 2022

Deadline

October 19, 2022

Organization

Finance Authority of Maine (FAME)

Financial Instrument

Loan

Image Credit

Mahdi Bafande


Updated October 22, 2022

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