COVID-19

Financial Assistance & Taxes

 

Local:

 

COVID-19 Business Assistance Grant:  For the purpose of providing one-time, short-term financial support to small businesses and sole proprietors impacted by the COVID-19 pandemic to be used for expenses not covered by state or federal programs. Maximum grant amount is $2,500. 
 
Personal Protection Equipment (PPE) Grant:  For th purpose of providing grant funds for the reimbursement or expected costs of purchasing plexiglass, signage, floor stickers, gloves, masks, sanitizer, and other items to keep staff and customers safe. Maximum grant amount is $1,000.
 
Eligibility requirements and applications for each grant can be found here.
 

Federal:

 
Federal Reserve:  The Federal Reserve has established the Main Street Lending Program to support lending to small- and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. Eligible businesses must have 15,000 or few employees or had 2019 revenues of $5 billion or less. The minimum loan amount is $500,000.
 
Internal Revenue Service: The U.S.Treasury Department and the Internal Revenue Service has several business tax credits and information available on its website:
 
 
U.S. Chamber of Commerce:  The U.S. Chamber Foundation is working to help as many employers as possible stay afloat during the worst of the crisis. Through its new Save Small Business Fund, qualifying businesses in the United States and its territories can apply for $5,000 emergency grants. The application will go live today, April 20, 2020, at 3 PM ET.
 
U.S. Small Business Administration (SBA): The SBA has programs available to assist small businesses affected by COVID-19. To access information about those programs, please click here.
 
The SBA District and Regional Offices are offering webinars about Economic Injury Disaster Loans. These webinars explain SBA's Economic Injury Disaster Loan Program and how you can apply for disaster assistance. Sign up for SBA newsletters using your zip code to get updates.

Existing SBA Business Loan Hiatus:  Business owners who already have an existing SBA loan may not have to pay interest or principal on it for six months. Please check with your lending institution to see if you qualify.
 

State:

 
Comptroller of Maryland:  The Comptroller of Maryland has extended business tax filing deadlines to June 1, 2020 for some businesses with March, April and May due dates. A dedicated email address has been established for questions at taxpayerrelief@maryland.gov.
 
Council of Development Finance Agencies (CDFA):  The CFA has launched a new COVID-19 Resource Center to serve as a central hub of everything the development finance world is doing to mitigate the impacts of COVID-19. The Resource Center includes a State Response Map, which has financing programs and related headlines for all 50 states, information on CDFA's Comprehensive Recovery Strategy, up-to-the-minute news, federal, state and local resources, and more.
 
Maryland Heritage Areas Authority:  The Maryland Heritage Areas Authority has opened up an emergency grant for nonprofits within the boundaries of a Certified Heritage Area who may have been impacted and are in need of funding to  maintain operations. Applications will be accepted on a rolling basis, and all applications received by the first of the month will be reviewed as a group. The first deadline for applications is May 1, 2020. Click here to apply.
 
Maryland State Arts Council:  The Maryland State Arts Council has created an Emergency Grant Program for art organizations and independent artists. Information on the program can be found here. The MSAC also has a page on its website dedicated to resources available to the Arts Community.
Small Business Development Center (SBDC):  Maryland's Small Business Development Center has a multitude of resources to help businesses affected by COVID-19.
 

Miscellaneous Organizations:

 
National Artist Relief Fund:  The National Artist Relief Fund has a $10 million national emergency relief fund for artists and creative workers that will provide $5,000 no-strings-attached grants. It is intended for anyone who earns income from their creative or artistic practice and who has also been affected by COVID-19.