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Tech companies are eligible for grants from the state to help recover from the pandemic

Technology companies in Maine are eligible for nearly $40 million in new grants from the state to help them recover from the pandemic.

The new program administered by the Maine Technology Institute is called the PRIME Fund. It was announced Thursday by the Mills administration, which says the new money will be invested in specific technology sectors, including marine industries, forest products and biotech. The state says the goal is reach businesses that didn't receive other federal pandemic supports.

The funds will help to cover payroll, new equipment, and start-up costs for new programs. Eligible businesses must have fewer than 250 full-time employees and show that they were affected by the pandemic.

Funding for the new program comes from Maine Jobs & Recovery Plan, which allocated more than a billion dollars in federal funds last year.