Maryland Department of Commerce Offers New Business Assistance Programs In Response to COVID19
Maryland Small Business COVID-19 Emergency Relief Loan Fund - This $75 million loan fund 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. Learn more.
Maryland Small Business COVID-19 Emergency Relief Grant Fund - This $50 million grant program offers grant amounts up to $10,000, not to exceed 3 months of demonstrated cash operating expenses for the first quarter of 2020. Learn more.
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 information coming by Friday, March 27, 2020.
Maryland Department of Labor COVID19 Layoff Aversion Fund
Governor Larry Hogan and the Maryland Department of Labor have launched the new 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.
Labor is accepting grant applications from small businesses for awards from now through 30 days after the State of Emergency ends (subject to funding availability).
For more information about the program, click here.
For the COVID19 Layoff Aversion Fund Application, click here.
U.S. Department of Labor Announces Availability of Up to $100 Million In National Health Emergency Dislocated Worker Grants in Response to COVID-19 Outbreak
The U.S. Department of Labor announced the availability of up to $100 million for Dislocated Worker Grants (DWGs) to help address the workforce-related impacts of the public health emergency related to COVID-19. The U.S. Department of Health and Human Services declared a nationwide public health emergency as a result of confirmed cases of the coronavirus. This federal declaration enables the Secretary of Labor to award Disaster Recovery DWGs to help address the workforce-related impacts of this public health emergency (WIOA Act Section 170(a)(1)(B)).
Disaster Recovery DWGs will provide eligible participants with both disaster-relief employment and employment and training activities. These participants can include dislocated workers, workers who were laid-off as a result of the disaster, self-employed individuals who are unemployed or underemployed as a result of the disaster, and long-term unemployed individuals.
SBA Offers Disaster Assistance to Maryland Small Businesses Economically Impacted by the Coronavirus (COVID-19)
ATLANTA - The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Maryland small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19),
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov (link sends e-mail) for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed printed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 21 2020.
|
