Maryland Small Business Resources
Shared with us by JBS&Company, LLC.
We hope that everyone is safe and healthy. As you all know, COVID-19 has had a dramatic impact on local small businesses. The State of Maryland has recently implemented several programs for small businesses. We urge clients to research these programs as soon as possible and to apply where appropriate.
There is information for these programs on the State of Maryland website (https://govstatus.egov.com/md-coronavirus-business), but we are trying to summarize those programs here.
- 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. (https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-loan-fund)
- 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. (https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-grant-fund)
- COVID-19 Layoff Aversion Fund – provides funds to help businesses with 500 or fewer employees purchasing remote access equipment and software to allow employees to work from home, provide on-site cleaning and sanitation services or other creative strategies to mitigate potential layoffs or closures. (http://www.labor.maryland.gov/employment/covidlafund.shtml)
- 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.
As well, the following link https://governor.maryland.gov/wp-content/uploads/2020/03/OLC-Interpretive-Guidance-COVID19-04.pdf details which businesses are considered essential vs non-essential under Maryland’s latest Order.