RESOURCES - Maryland Small Business Relief Programs in response to COVID-19
Yesterday (March 23, 2020), Governor Hogan announced new COVID-19 business relief programs to assist Maryland businesses with 50 or fewer employees. If you are a Maryland-based business with 50 or fewer full- and part-time employees or a Maryland manufacturer impacted by the coronavirus, check out the programs below to see if you qualify for assistance.
Maryland Small Business COVID-19 Emergency Relief Loan Fund - This $75 million loan fund (for for-profit businesses only) offers no interest or principal payments due for the first 12 months, then converts to a 36-month term loan of principal and interest payments, with an interest rate at 2% per annum.
Maryland Small Business COVID-19 Emergency Relief Grant Fund - This $50 million grant program for businesses and non-profits offers grant amounts up to $10,000, not to exceed three months of demonstrated cash operating expenses for the first quarter of 2020.
Maryland COVID-19 Emergency Relief Manufacturing Fund - This $5 million incentive program helps Maryland manufacturers to produce personal protective equipment (PPE) that is urgently needed by hospitals and health-care workers across the country. More details are expected to be announced by Friday, March 27, 2020.
COVID-19 Layoff Aversion Fund - COVID-19 Layoff Aversion Fund, which is designed to support businesses undergoing economic stresses due to the pandemic by preventing or minimizing the duration of unemployment resulting from layoffs. The award (up to $50,000 per applicant), will be a quick deployable benefit and customizable to the specific needs of your business to minimize the need for layoffs.
The Small Business Administration (SBA) Disaster Loan Program to Aid Businesses Affected by the Coronavirus
Businesses and individuals are currently able to apply for the SBA Disaster Loan:
What You Can Do Now
Document losses, expenses and impacts from this event. This information may prove useful if federal or state disaster loan or grant programs become available in the future.
Keep track of the following:
· lost revenue (compared to same time last year)
· business interruption insurance (if available)
· staffing levels inventory losses
· outstanding loans
· real property and equipment losses
· any other damages you may experience
The Small Business Administration (SBA) guidance for businesses:
The Centers for Disease Control & Prevention (CDC) guidance for businesses:
SCORE - Latest Business Guidance, Assistance and Resources:
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