🔒Ask ACE: How much is available through the American Rescue Plan Act for private business?

Q: I’ve heard that Maine will receive a large amount of funding through the American Rescue Plan Act. How much will it receive, and how much is available as direct funding to private business?

ACE Answers: Maine will receive $4.6 billion to be spent by Dec. 31, 2026. In July the legislature approved Gov. Janet Mills’ 69-page plan.

The funding includes significant direct grants to businesses. Since approval state agencies have been developing grant award criteria.

ACE is an organizational partner of Maine Accelerates Growth (MxG), a coalition of organizations supporting Maine’s entrepreneurial economy. ACE and MxG’s other organizational partners assist businesses in taking advantage this opportunity and are involved in establishing grant criteria.

Keep an eye on these grants.

For updates on this article, see “What Your Business Needs to Know About ARPA Funding” at consultexpertise.com/blog/11673410.

ACE President Terry Johnson, of Practical Decisions, provides practical professional support for established businesses and start-ups. He manages MCE’s Maine Mentor Network. He can be reached at terry@practicaldecisions.com.

ACE Vice President Carrie Green Yardley is a business lawyer based in Greater Portland. She can be reached at carrie@yardleyesq.com.

Both Terry and Carrie participate in Maine Accelerates Growth (MxG).