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COVID-19: SBA Loan Program Approved for Small Businesses Nationwide

The Small Business Administration (SBA) provides low-interest long-term loans to small businesses in the event of a disaster. Since the COVID-19 pandemic has been declared a disaster, small businesses are now able to access, on a per-entity basis, up to $2 million in loans through the SBA.

To qualify as a small business, the size of a business on a stand-alone basis must be below the industry size standard, which is determined based on annual gross receipts or number of employees. Importantly, the size of the applicant with its affiliates, must also be below the industry size standard. Please click here to see the SBA size standards.

The application process is straightforward, but requires the small business to complete a number of forms and provide certain financial information. Prior to going online to apply, you may want to review the content of the forms and gather all the information you will need in order to complete the online application process. For a summary of the process and copies of the forms required in connection with a Business Loan Application, please see the links below.

For small businesses in Maine, the state has enacted legislation directing the Finance Authority of Maine (FAME) to make available to small business owners loans of up to $100,000 until a business’ SBA loan is funded, at which time the FAME interim loan would be repaid. For more information regarding financial assistance for businesses through FAME click here.

©2020 Pierce Atwood LLP. All rights reserved.National Law Review, Volume X, Number 84

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About this Author

Christopher E. Howard Corporate Finance Attorney Pierce Atwood Law Firm Portland Maine
Partner

Chris Howard has a unique combination of technical legal skills and hands-on business and finance experience, enabling him to integrate these disciplines into strategies that match client objectives and provide clients with a competitive advantage. His forte is in managing complex commercial transactions and development projects in time-sensitive environments, and in accessing all sectors of the capital markets.

Chris' practice has four areas of focus:

  • Corporate finance and transactional representation...

(207) 791-1335
Ann Robinson, Pierce Atwood Law Firm, Augusta and Portland, Health Care Law Attorney
Partner

Ann Robinson is a partner in Pierce Atwood's Government Relations and Health Care Practice Groups.

A highly regarded Maine attorney and lobbyist, Ann was a partner and former Chair of the Government Affairs Practice Group at a large Maine law firm, where she built an active legislative and regulatory law practice focusing primarily in the areas of health care, insurance, and professional regulation.

Ann most recently served as General Counsel and Director of Government Affairs for Spectrum Medical Group, P.A., Northern New England’s largest physician-owned multispecialty practice.

207-791-1186
Andrea K. Suter Finance and Corporate Attorney Pierce Atwood Portland, ME
Counsel

Andrea Suter represents start-up, family owned, and established companies in a wide range of businesses and industries. Her practice focuses on commercial transactions and contracts, mergers and acquisitions, finance and general corporate law matters.

Prior to joining Pierce Atwood, Andrea worked at well-respected law firms in California’s Bay Area and New York where she gained extensive experience advising clients on growing and realizing value through strategic mergers and acquisitions; efficiently raising capital through private placements, venture round financing and traditional...

207-791-1157
 Ryan F. Kelley Pierce Atwood Banking & Financial Services Bankruptcy & Creditors' Rights Business
Associate

Ryan Kelley provides legal counsel to public and private companies regarding debt and equity financings, commercial transactions and bankruptcy and creditors’ rights matters. 

Ryan represents both lenders and borrowers in construction, acquisition, new markets tax credits, term and working capital financing transactions.  His transactional experience also includes commercial matters such as the representation of franchisors and franchisees with respect to franchise matters, of manufacturers with respect to dealer and distributorship arrangements and of buyers and sellers with...

207-791-1336