Tag Archives: Paycheck Protection Program
Maine lobstermen prepare for uncertain summer season, hoping for further federal relief
More than 1,300 lobstermen in Maine – about 1 in 3 – received forgivable loans through the Paycheck Protection Program (PPP), with the majority amounting to roughly $10,900.,, New data from the U.S. Small Business Administration shows that altogether, Maine’s lobster industry received roughly $24 million in PPP funding, the most given to any business concern in the state; dine-in restaurants, beauty salons, real estate, and home building received the next highest amounts. While the bulk of the fishing sector money – nearly $15 million – went to fishermen, some dealers, retailers and processors received loans between $150,000 and $1 million. >click to read< 17:49
Maine: 1 in 3 Lobstermen got small Paycheck Protection Program loans
About $14.9 million in forgivable Paycheck Protection Program, or PPP, loans of less than $150,000 have been handed out to 1,358 Maine lobstermen, according to an analysis of newly released U.S. Small Business Administration data. That puts lobstermen ahead of full-service restaurants, real estate offices, beauty salons and home builders, which rounded out the top five Maine industries receiving small PPP loans. Maine’s $1.4 billion-a-year lobster industry – including those who buy, sell and process lobster as well as catch it – have received 1,495 forgivable PPP loans worth at least $24.2 million, so far. Fishermen got the lion’s share of the industry’s total PPP money, but only because they outnumber dealers, retailers and processors. Some dealers got loans of up to $1 million. >click to read< 07:15
Bristol Bay Fisheries Report: July 2, 2020
Fish are picking up around the bay. The run leapt past the 4 million fish mark and is approaching 5 million, and the runs in the Naknek-Kvichak and Egegik both passed 1 million yesterday. Egegik had the largest daily harvest. In the Nushagak, the total run passed 2 million. Coronavirus update (Covid-19), U.S. House and Senate extend application deadline for PPP,Audio report, >click to read< 14:02
Oregon Fishing Industry Tells Lawmakers Of Economic Hardships – Murkowski pushes for an another Billion in federal fisheries relief funds
The coronavirus has hit Oregon’s commercial fishing industry hard. That was the message to state lawmakers during a recent meeting of the House Interim Committee on Natural Resources. Anthony Dal Ponte is with Pacific Seafood, which is based in Clackamas and has several facilities on the Oregon coast. He said the company had to lay off more than 500 employees after their restaurant and hospitality industry markets dried up virtually overnight. >click to read< Meanwhile, Murkowski pushes for an additional $1 billion in federal fisheries relief funds – Additional money could 
be on the way for the fishing industry. Senator Lisa Murkowski said that she is working to add more fisheries funding in the next round of pandemic relief legislation. “As we think about the impact to our fisheries, $50 million is not going to be sufficient to address the need,” she said. “I have been working with colleagues to urge us in this next round of relief to include $1 billion in fishery assistance funds.” >click to read< 15:07
DMR Bulletin: SBA to Resume Paycheck Protection Program Tomorrow, Monday, April 27 at 10:30am
The Small Business Administration will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT. This loan provides small businesses, including eligible self-employed individuals, with funds to pay up to 8 weeks of payroll costs including benefits, utilities, mortgage interest and rent. These funds will likely go quickly so we urge people to talk with their bank or credit union soon about this loan. Paycheck Protection Program Loan Information >click to read< 13:20
Coronavirus: Maine Fishermen still waiting to access pandemic relief funds
On March 27, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act that, among other provisions, authorized one-time “economic impact payments” of $1,200 to adult U.S. residents with incomes of under $99,000 plus an additional payment of $500 for each child in a household. The CARES Act also established the Paycheck Protection Program to provide $349 billion in loans to businesses affected by the coronavirus shutdowns. Fishermen were eligible to apply for those loans as well as loans under the Economic Injury Disaster Loan program, but many did not realize that was the case. “Due to unclear guidance, many fishermen were initially told by their lenders they were not eligible for the Paycheck Protection Program,” lobster fisherman and state Rep. Genevieve McDonald (D-Stonington) said Monday. >click to read< 07:49
Coronavirus: Maine fishermen say they missed out on pandemic relief program
Thousands of Maine fishermen and others in the seafood sector could have qualified for pandemic relief through the Paycheck Protection Program, but many were, apparently, unable to access the benefits before the money ran out. Ben Martens, executive director of the Maine Coast Fishermen’s Association, said many of the industry’s on-the-water workers did not realize they were likely to qualify for the forgivable loans and other assistance that was briefly made available through the Small Business Administration. >click to read< 15:11
CARES Act – Paycheck Protection Program: Small businesses in Provincetown, on Cape Cod report mixed emergency loan success
After the program received more than 220,000 applications for $66 billion in loans since it opened last Friday, according to the Wall Street Journal, lawmakers are working on adding money with Treasury Secretary Steven Mnuchin asking for $250 billion more.,, “I think the delay is the sheer volume of people applying,” said Chatham commercial fisherman Shannon Eldredge, who works as a navigator for the Massachusetts Fishing Partnership, which assists fishermen and their families with health care and financial help. “I’m hearing it’s going to take longer than anticipated.” Still, she said her organization and clients were pleased that the SBA was answering phones and questions and providing updates on the status of individual applications. >click to read< 11:06
Coronavirus Assistance for Commercial Watermen and the Seafood Industry
The Hogan Administration acknowledges that the seafood industry is an iconic Maryland industry with commercial landing values over $82 million. The seafood industry also contributes over $600 million to Maryland’s economy. Given the economic hardships posed by the COVID-19 pandemic, commercial watermen who are self-employed may be eligible for the following relief programs: Small Business Administration (SBA) Paycheck Protection Program (PPP), Coronavirus Aid, Relief, and Economic Security (CARES) Act Relief Funding, more information, >click to read< 15:07
