Maryland Department of Commerce COVID19 Emergency Relief Funds
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 Learn more.
Small Business Administration
COVID19 Emergency Relief Funds & Programs
Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Learn more about SBA Lenders in Greenbelt.
Economic Injury Disaster Loan Advance - Loan advance up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid. To apply, visit https://covid19relief.sba.gov/.
Economic Injury Disaster Loan - up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. To apply, visit: https://covid19relief.sba.gov/#/.
SBA Express Bridge Loans - allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. For more information, contact your local SBA Lender.
SBA Debt Relief - The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020. For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020. For more information, visit: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief.
US Chamber of Commerce Guide to Employee Retention Tax Credit
Employee Retention Tax Credit - the Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19. For the complete guide, click on the US Chamber of Commerce Guide to the Employee Retention Tax Credit.
Unemployment Resources
Information about Maryland unemployment insurance and expansion of benefits under the new CARES Act by visiting www.MDunemployment.com.
Maryland Unemployment Insurance - The Division of Unemployment Insurance’s website and call centers are currently experiencing an unprecedented volume of users due to COVID-19. This may result in long wait times. Please be assured that Maryland does not have a waiting week like many other states do. No matter when or how they file, Marylanders become eligible for benefits starting after the day after they separated from employment.
Pandemic Unemployment Assistance (PUA) - Individuals who are not usually eligible for regular UI and who cannot work due to COVID-19 are eligible for a maximum of 39 weeks of benefits, which includes $600 Federal Pandemic Unemployment Compensation (FPUC). Effective January 27, 2020 through Dec. 31, 2020.
Federal Pandemic Unemployment Compensation (FPUC) - $600 per week on top of current regular UI benefits. Effective March 29, 2020 through July 31, 2020.
Pandemic Emergency Unemployment Compensation (PEUC) - 13 additional weeks of UI benefits, plus $600 FPUC. Effective March 29, 2020 through Dec. 31, 2020.
Forbes Small Business Relief Tracker
In an effort to help business owners find financial relief, Forbes has developed a Small Business Relief Tracker compiling government agencies, private companies and nonprofit organizations that are extending support through loans, grants and other resources for small businesses. The tracker is being updated daily and it is recommended to bookmark the page. The Small Business Relief Tracker can be accessed here: Forbes Small Business Relief Tracker.
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