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Thrive Maine Grant Webinar Link and Summary

Below is an excerpt from the August 26, 2022 edition of our chamber e-newsletter the BBRC News & Notes.  Referenced below is a webinar that we filmed on August 24, 2022. 

You will need both the webinar link and the Passcode to view the webinar. 

Webinar Link: Click here for the webinar link (or click on the long link below the password if this button doesn’t load)

Passcode: E4x$96QS

Webinar link (All spelled out- cut & paste into your browser): https://us02web.zoom.us/rec/share/kK3CVZmwCGuxZA2jgXNrpdCZSLgdxA6QB_iaqxjCdBpx9OFJ-4bcQjnEUwItz4M8.y4eh4qs5--Bu-MBY?startTime=1661341235000

Here is the excerpt from the e-newsletter explaining what this webinar is about: 

Thrive Maine Grant Webinar

We had an awesome session Wednesday morning with two experts from FAME (Finance Authority of Maine) who are administering the Thrive Maine grants for Covid relief.  Thank you to the Brunswick Downtown Association and Town of Brunswick for partnering with us on this project. The full webinar can be watched here, and includes the contact information for Laura Rigby and Carlos Mello our guest speakers.  If you have questions about the program that can’t be answered from the Thrive Maine grant website, then we all are encouraged to reach out to Laura or Carlos directly. 
 
FMI about the Thrive Maine Program by click here: https://www.famemaine.com/business-financing/for-business-owners/fame-financing-programs/thrive-and-grow-maine/   

A few things I learned from the webinar:

• The funds are first-come-first-serve, and will be disbursed in two rounds, one this year and one early next year ($29M in each round)
  
  
• All Maine Businesses and Non-Profits are eligible (including chambers of commerce/business associations who are 501(c)6 organziations and weren’t eligible for the first three rounds of programs like PPP)
  
  
• Awards have a minimum of $10,000 and a maximum of $2M but the money is divided into buckets where those needing $10K-$20K won’t be vying for money in the same bucket as those looking for $1M-$2M
  
  
• There are three ways to claim funds, you can only choose one:
  Cashflow year vs. year (comparison of 2020 or 2021 to pre-pandemic year of 2019)
  B. Expense Increases (Documented increases- price of items for instance)
  C. Capital Improvements (a quoted/planned project put on hold by the pandemic which has an inflated quoted cost now)
  
  
• Applications do NOT open on September 1 (as I may have stated previously) the launch date is still being decided but it will be in September 2022 (last word we got was mid- September)
  
  
• Once you calculate your funding request you must deduct any previous federal funding you received from previous Covid programs, including PPP.

A few time stamps with specific questions and potential issues you may have

• UEI Number (20:00 mark of the Webinar)
  In order to get any funds from the federal government your organization needs a UEI number (a Unique Entity Identifier number). This used to be a DUNS number but DUNS is no longer.  You must apply for this number online and it can take a few weeks- meaning- you should do this part NOW.  (I’m getting a UEI number for the chamber and I anticipate once I figure it out I will be creating a step-by-step guide, so e-mail Cory if you have questions).
  
  
• 2021 Tax Extension (33:30 mark of the webinar)
  If you filed an extension you can still apply.  A 2021 tax return is best, but in lieu of that, if you filed an extension, you will need to provide more information and financial statements just so FAME understands your financial situation.
  
  
• What can Non-Profits apply for (42:00 mark of the webinar)
  Is loss of membership covered?  Less fundraising event revenue?  Reduced donations?  Asking those questions now of FAME representatives before the applications open will serve you best.   
  
  

• Take a look at the webinar- it’s well worth the 60 minutes, and if you have program questions Laura and Carlos’ information is in the presentation. If you need my help, e-mail me at Cory@midcoastmaine.com and I will do my best to answer what I can. 
  
  And again, check out the FAME website yourself here: https://www.famemaine.com/business-financing/for-business-owners/fame-financing-programs/thrive-and-grow-maine/