A year ago, companies were just starting to make their revised sales projections for the year.
When the federal government quickly stepped in with the Paycheck Protection Program, the Small Business Administration and banks scrambled to figure out how to dispense the money. Businesses went into overdrive trying to figure out how to get loans. There were a lot of sleepless nights. In the first round of lending alone, some 28,000 Maine businesses received $2.3 billion in loans.
For our cover story, Renee Cordes takes us behind the scenes to show what it was like as bankers and businesses tried to make sense out of the pandemic chaos and the PPP loans. Lending officers, many of whom were now working from home, rushed to help clients take advantage of the program before the money was snapped up. As one business owner told Renee, “The biggest concern we all had was that the money would run out that first weekend” of lending. See “Loan rangers,” which starts on Page 16.
New products will help revitalize the industry, old paper mills
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GO Lab gets $85M in bond financing from FAME
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Maine-based company ready to revitalize old paper mill with product new to North America
In a former paper mill in Madison, GO Lab will produce its wood fiber insulation product for the first time in Maine and North America Author: Sam Rogers (NEWS CENTER Maine) Published: 6:52 PM EST February 23, 2021 Updated: 8:24 PM EST February 23, 2021
SEARSPORT, Maine It was delivery day for Maine-based GO Lab Tuesday. President Joshua Henry watched as cranes and trucks unloaded his company s equipment from a German cargo ship at Mack Point in Searsport.
“Every industry has to renew itself over time and this is one step in that direction, Henry said.