Small Biz Bulletin
May 3, 2021
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Message from Special Secretary Rhee
Our nation celebrates Asian Pacific Islander (Desi) American Heritage Month every May. It recognizes the generations of Asian Americans who have enriched our history, as well as those who are currently shaping our future. We are at a unique period in time where anti-Asian sentiment has emerged again due to the pandemic. It is a painful experience, yet it prompts us to be aware of our own biases and more cautious of our own impulses when interacting with others. I have been invited to serve on Governor Hogan's Asian American Hate Crimes Workgroup. One of the first of its kind in the country, this group of experts and advocates across various disciplines will develop recommendations and strategies to prevent acts of violence while also supporting both victims and witnesses. Throughout this month-long celebration, I encourage each of you to embrace one another. Share some of the things that make you unique and seek to discover the things you have in common with one another. We are a nation of immigrants – a melting pot – and this diversity is what makes the American dream alive for all of us. Together, let's work toward that America we all envision and that which truly lives up to its ideals.
Jimmy Rhee
Special Secretary
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For Your Business
Sales and Use Tax Credit
The Maryland RELIEF Act of 2021 includes a Sales and Use Tax Credit provision. The provision authorizes eligible vendors to claim an increased tax credit for the three consecutive months following the enactment of the law. The amount of the vendor credit allowed is equal to the lesser of the amount of sales and use tax collected during the month the vendor
qualifies for the increased credit or $3,000, not to exceed $9,000 in three months. The credit can be clamed for the months of March, April, and May 2021. Businesses that file returns quarterly should claim the March credit on the return filed in April, and claim the April and May credits on the return to be filed in July. To help guide businesses through the process, the Comptroller of Maryland has created an FAQ doc. It contains details on the eligibility criteria and filing processes, and provides contact information for online, email and phone assistance.
RELIEF Act Sales and Use Tax Credit FAQs
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Maryland Entrepreneur Hub
Introducing a new tool to entrepreneurs and business owners - the Maryland Entrepreneur Hub. This online platform offers 24/7 access to a broad range of resources. More than 2,000 to be exact. They have been curated for all types of businesses, all stages of business, and all industries of business. This powerful new tool is a partnership between TEDCO, the Maryland Department of Commerce, and the University of Maryland. Visit today and create a profile of the resources and organizations that best fit your needs. The site will continue to evolve and expand, so plan to visit often.
Maryland Entrepreneur Hub
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$20,000 Small Business Grants from BGE:
Round Two Opening Soon
Small businesses located within BGE's service area can now apply for a BGE Energizing Small Business Grant of $20,000, part of BGE's $15 million pledge to assist small businesses with COVID-19 relief and recovery. This multi-year commitment is expected to run through 2023 and will prioritize companies operated by historically underrepresented groups that are pivoting their business in response to the pandemic. Applicant businesses must have 2-25 employees (full-time, part-time, contractors) with annual revenue below $7 million, a demonstrate need for financial support, and a strong plan for moving forward. The company must also be in good standing with the State of Maryland. BGE is partnering with Hello Alice, a free multichannel platform that helps businesses launch and grow, to provide the grants. All applicants gain access to Hello Alice's free COVID-19 Business Center. The second round of applications will be open from May 5 through June 16.
BGE Energizing Small Business Grants
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Small Biz Resource Connections
The services and scope of resources available to Maryland's small, minority, women, and veteran business community is enormous. So big, in fact, it can be hard to keep it all in perspective, or find the right one when needed the most. We're launching a 60 minute webinar series to help. Please join us on Friday, May 7 at 9 am for the Small Biz Resource Connections webinar series (advance registration is required). Each quarter a new resource partner will get the spotlight. Our inaugural topic is the U.S. Small Business Administration's 8(a) Business Development Program. Learn how socially and economically disadvantaged businesses can compete for set-aside and sole-source contracts through this federal program.
Small Biz Resource Connections: SBA's 8(a) Business Development Program
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We Want You
We continually share information curated specifically for small, minority, women, and veteran-owned businesses on our social media platforms. We'll inspire you with our #MotivationMonday series and connect you to a broad range of small business resource organizations. We also share information about loan programs and funding opportunities as well as small business events and training
programs. Please follow us on Facebook and Twitter.
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Twitter
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