Small Biz Bulletin
March 1, 2021
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Message from Special Secretary Rhee
"Maryland communities would not be the same without our vibrant, historic Main Streets." - Governor Larry Hogan
Maryland's small businesses are in the economic fight of their lives, and Governor Larry Hogan is providing much needed support. Last week, he announced $7 million in emergency relief awards for main street communities across the state. More than 5,000 businesses will be eligible for direct assistance through this program which is administered by the Maryland Department of Housing and Community Development. The week prior, Governor Hogan signed the RELIEF Act of 2021. This vital legislation will deliver more than $1 billion in tax relief and economic stimulus to Maryland's small businesses and families who are struggling as a result of the COVID-19 pandemic. Governor Hogan began the new year by issued an executive order to increase small business participation in the state procurement arena through the Small Business Reserve Program. This prime contracting program is accessible to all small businesses, regardless of race or gender. Collectively, these efforts give valuable assistance to the private sector businesses we all rely on, and increase access to opportunities in the public sector on contracts funded with state dollars. I hope you are taking advantage of these initiatives. The economic recovery process is likely to take years, and we are in this together!
Main Street Communities Emergency Relief Awards RELIEF Act of 2021 Executive Order 01.01.2021.01
Jimmy Rhee Special Secretary
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For Your Business
Ensuring Equity for PPP Funding
The Paycheck Protection Program (PPP) is a federal relief program for businesses affected by the COVID-19 and is administered by the Small Business Administration (SBA). Congress set-aside $15 Billion for small and low- to moderate-income businesses who have not received the needed relief a forgivable PPP loan provides. In order to reach these mom-and-pop businesses, a 14-day window has been opened exclusively for sole proprietorships and businesses with fewer than 20 employees. During this time, the SBA is taking efforts to advance equality goals and deliver funding efficiently by:
- Allowing sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants;
- Eliminating an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal;
- Eliminating PPP access restrictions on small business owners who have struggled to make student loan payments by eliminating student loan debt delinquency as a disqualifier to participating in the PPP; and
- Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use their Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
This special period closes on March 9th. During this time, PPP lenders are working exclusively with the smallest businesses to submit their applications before this round of PPP funding expires on March 31st. Contact your local lender or visit the SBA website today to learn more.
Paycheck Protection Program
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Reaching Global Markets
Grants of up to $5,000 are available to Maryland companies looking to market internationally through the ExportMD grant program managed by the Maryland Department of Commerce. Traditionally, many companies used the funds to offset travel expenses related to international marketing, but the funds can be applied for other initiatives ranging from website development to registration costs for virtual trade shows and missions.
Export MD Program
Not sure if global business is right for you? Explore the international business market from the comfort of your own home office. The Maryland Department of Commere and the University of Maryland's Center for Global Business co-hosted a 6-part series with tips, tools, and resources to help you research going global, particularly during a global pandemic.
Becoming a Global Business
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Technical Training Classroom
Since moving our Technical Training Classroom to the Zoom platform in the fall, attendance has been off the charts. But we still have room for more! Join us on the fourth Tuesday of every month for free classes that have been thoughtfully curated for small, minority, women, and veteran business owners that want to improve their core competencies and gain an insightful understanding of the State's procurement process. Helping you compete with confidence is our goal. There is no cost to attend, but you must register in advance. Join us on March 23rd for two great sessions.
Federal Contracting 101 State Procurement 101
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Maryland COVID-19 Resources
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