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W W W. M A I N E B I Z . B I Z 11 J U N E 2 9 , 2 0 2 0 F O C U S H O S P I TA L I T Y / TO U R I S M WHO WE ARE Join Today! | brooke@fambusiness.org | www.fambusiness.org A nonprofit 501 (c) (3) organization dedicated to the success of family-owned businesses in the state of Maine. MAINE MADE: Family-owned businesses make up 80% of Maine businesses, 80-90% throughout the U.S. WH HE OÜ AERÝ GDP & WORKFORCE: Create 70-90% of GDP globally annually. Employ 62% of U.S. workforce. TRANSITION: There is a 30 / 13 / 3 % chance a family-owned business will pass from the 1st to the 4th generation. Thank you to our Founding Sponsors: WHA WE O With over 50 programs a year there's something for everyone! CEO's, Next Gens, Women Leaders and more! Coming Together Two banks with one goal… To serve the financial needs of our community Learn more at www.KennebecSavings.Bank or www.KFSavings.com Kennebec Savings Bank and Kennebec Federal Savings announce plans to merge. The merger, subject to regulatory approval, will take between 5-8 months. Once complete, we will offer more products, services and branch locations to service your needs – with the same commitment to our customers and community. aine's hospitality industry has been hard-hit by the COVID-19 crisis and the shutdowns aimed at slowing the virus. F O C U S S TA R T S O N F O L L OW I N G PA G E » M S O U R C E : American Hotel & Lodging Association S O U R C E : HospitalityMaine HOSPITALITY'S ECONOMIC IMPACT A STUDY RELEASED IN NOVEMBER SHOWS: SINCE MARCH 1: PANDEMIC JOB LOSSES 105,000 jobs have been permanently or temporarily lost — hospitality jobs lost: 42,600; retail jobs lost: 12,000 Maine's hospitality industry (lodging and restaurants) generated an estimated $702 million in state and local taxes and added $6.9 billion to the state's economy in 2018. $4 billion of that was in direct sales — restaurants, $2.9 billion; lodging, $1.1 billion Directly employed about 59,000 workers (food service and bars, 42,000; accommodations, 12,000) and an additional 20,000 multiplier jobs $65.9 million estimated possible tax loss for 2020 $702 million in state and local taxes generated in 2019