Small businesses can begin applying for forgivable loans Tuesday as part of a new $58 million program through the Finance Authority of Maine.

The “Thrive Maine” initiative allows small businesses that have had losses, increased costs or market interruptions because of the pandemic to receive a forgivable loan of up to $2 million. The loans could be forgiven over a four-year period.

Applications can be submitted starting at 9 a. m. Tuesday through Dec. 3 on the Finance Authority of Maine website.

The program is part of the Maine Jobs & Recovery plan put forward by Gov. Janet Mills and approved by the Legislature as a way to direct nearly $1 billion in federal pandemic funds.