Many businesses are feeling the effects of coronavirus. Some non-essential businesses such as restaurants, gyms, and libraries have been forced to close by state and local governments. Other companies, while still open, are seeing cash flow issues.
There are options for small businesses to see some relief.
Through this program, small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Maryland Department of Commerce is offering three new business assistance programs in response to the COVID-19 pandemic
- 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.
- 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.
- 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.
- Maryland Department of Labor COVID-19 Layoff Aversion Fund – This fund is designed to support businesses by preventing or minimizing the duration of unemployment resulting from coronavirus related layoffs. The fund provides up to $50,000 in the form of a quick deployable benefit and will be customizable to the specific needs of your business to minimize the need for layoffs.
As always, we’re here for you. If you have any other questions, please feel free to send us a message below or call us at (410) 363-7211.
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