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.
About Thrive Maine
Eligibility criteria
- Must have significant operations in Maine (headquartered in Maine or have 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 net revenue
- Complete federal income tax returns (FITR) or personal income tax returns (PITR) for 2019-2021, whichever shows your business income.
- Year-over-year actual comparison through income statements or federal taxes; no projections or hypotheticals may be used as a comparison point.
- Expenses incurred
- Provide receipts for the purchase and installation of materials, systems, and/or software to ensure patron and employee safety (e.g., HVAC systems, plastic partitions, and temperature scanners).
- Broader economic impacts
- Provide proof of increased costs due to the supply chain (e.g., the cost of product or service went from “X” to “Y” and caused “Z” amount increase in costs).
- 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)
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.
Loan 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 will be administered on a first-come, first-served basis.
*Forgivable loans are considered taxable income at the rate they are forgiven. See IRS tax code and consult your accountant for more information.
How to apply
A Unique Entity Identifier (UEI) is required to apply. Instructions on how to apply for a UEI or renew your entity can be found on SAM.gov. Please note, it can take up to 3 to 6 weeks for this process to be completed.
Applications must be complete in order to be considered. Applications must include year-to-date profit and loss and balance sheet and tax returns. Any incomplete applications submitted will not be reviewed until all complete applications have been reviewed.
Applications are considered on a first-come, first-served basis. Once all money is allocated, no more applications will be considered.
To prepare to apply, download the application checklist.
For more information, visit the grant page via FAME.