Links for Resource Requests/Offers for Business Assistance
Last Updated on Apr 7, 2020 at 9:42am | COVID-19
Memo from Steve Schuh, Office of the Governor:
The purpose of this memo is to provide updated information to you regarding requests for or offers of resources, assistance for small business, and applications for unemployment insurance. This information supersedes all prior instructions. All information continues to be subject to change as the coronavirus situation evolves.
Request for, or Offers of, Resources:
Assistance for Small Business:
Independent and Local Lenders:
If a business anticipates having trouble making a loan payment, the owner should contact the lender or loan servicing company as soon as possible to discuss options. Early and regular communication is important. The Maryland Bankers' Association can provide more information
. View a list of credit unions
operating in Maryland and their contact information.
State Assistance Programs:
The Maryland Departments of Commerce is offering three new business assistance programs in response to the COVID-19 pandemic:
(1) Maryland Small Business COVID-19 Emergency Relief Loan Fund: FUNDS ARE EXHAUSTED. APPLICATIONS ARE NO LONGER BEING ACCEPTED.
This $75 million fund makes available loans of up to $50,000 to businesses with less than 50 employees. The loans carry no interest or principal payments for the first 12 months. After 12 months, the loans convert to 36-month term loans that include principal and interest payments with an interest rate at 2% per annum. Learn more
(2) Maryland Small Business COVID-19 Emergency Relief Grant Fund: FUNDS ARE EXHAUSTED. APPLICATIONS ARE NO LONGER BEING ACCEPTED.
This $50 million program makes available grants of up to $10,000 to businesses with less than 50 employees. Learn more
(3) Maryland COVID-19 Emergency Relief Manufacturing Fund:
This $5 million incentive program helps Maryland manufacturers to produce personal protective equipment (“PPE”), such as face masks and gloves. To learn more, please email email@example.com
For the most up-to-date information pertaining to the business community and COVID-19: visit https://businessexpress.maryland.gov/coronavirus
If you have business assistance-related questions: email firstname.lastname@example.org
Federal Assistance Programs:
The CARES Act:
This law was passed by Congress and signed into law on March 27, 2020. Read an overview here
and a Q&A document from the U.S. Senate Committee on Small Business and Entrepreneurship here
. Additional information from the U.S. Department of the Treasury can be found here
Of particular note to counties and municipalities:
The CARES Act establishes a refundable, 50% payroll tax credit (the Employee Retention Credit
) covering up to $10,000 per employee, including benefits from the period of March 13, 2020 to December 31, 2020. Read more
and find additional IRS guidance on coronavirus tax relief here
Guidance on COVID-19-related tax credits for businesses providing paid sick-leave can be found here
The CARES Act also includes support for economic development agencies and programs, including funding for the Community Development Block Grant, assistance to minority business development centers and minority chambers of commerce, several million for state arts and humanities agencies and partners, and more, to assist businesses in need. Read more
Additional Small Business Assistance: The federal Small Business Administration has also established programs to assist small businesses. Individual businesses can apply directly to the SBA for low-interest loans through the Economic Injury Disaster Loan program. Visit SBA's website to apply now
General SBA guidance for businesses can be found here
. If you need additional help navigating the SBA process, the Maryland Small Business Development Center
can assist you.
The Maryland Department of Labor unemployment insurance program
is fully operational. Employees who have been laid off can file a claim immediately (there is no waiting period) by phone or online (recommended). The state has temporarily waived all work-search requirements. Maryland is allowing workers who have not been terminated to collect unemployment insurance if a) his or her employer has been closed due to COVID-19; b) he or she has been quarantined; or c) he or she is caring for a family member who is quarantined.
As a supplement to the resources listed above, an ongoing list of frequently asked questions for Maryland businesses planning for and responding to the coronavirus is available here. Click here
for translations of these FAQs in more than 10 different languages.