COVID-19 Small Business Relief
New Assistance from Maryland Department of Commerce
The bipartisan Relief Act of 2021 was signed into law on February 15, 2021, and includes more than $1 billion in tax relief and economic stimulus for struggling families and small businesses who are suffering as a result of the COVID-19 pandemic.
Scroll down to "State of Maryland Assistance" for additional funding opportunities.
The Maryland Department of Commerce will accept applications for new Relief Act funding from March 30, 2021 to April 6, 2021.
To support Maryland’s small businesses facing continued financial impacts from the novel coronavirus, the state established through bipartisan legislation the new Maryland Small Business COVID-19 RELIEF Grant Program in 2021 with $10 million in state Relief Act funding.
To support Maryland’s small businesses facing continued financial impacts from the novel coronavirus, the state established through bipartisan legislation the Maryland Small, Minority and Women-Owned Business Account COVID-19 RELIEF Program in 2021 with $10 million in state Relief Act funding.
To support Maryland commuter and shuttle bus companies facing continued financial impacts from the novel coronavirus, the state established through bipartisan legislation the Maryland Commuter and Shuttle Bus COVID-19 RELIEF Grant Program with $8 million in state Relief Act funding. The grant is directed to those companies that were impacted by reduction of routes by the Maryland Transit Administration.
US Small Business Administration
In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak. See the SBA Coronavirus Pandemic Loans Comparison Guide to better understand the differences between each program.
EIDL is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.
SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations. Update to loan amounts: For loans approved starting the week of April 6, 2021: 24-months of economic injury with a maximum loan amount of $500,000.
The second round of PPP funding is now available. If you have already gotten funding from the first round you can apply again. Expenses used for PPP forgiveness are now tax deductible.
View the Guide to Covid Relief Bill PPP 2.0 prepared by the Maryland Small Business Development Center.
The SBA is hosting virtual sessions outlining the Small Business Support Programs, including the Paycheck Protection Program (PPP) re-launch, the Economic Injury Disaster Loan (EIDL) Program, the Shuttered Venue Operators Grant, targeted EIDL advance, and debt relief, and fielding questions regarding the programs. Held at 3:00 p.m. EST Tuesdays and Thursdays. Microsoft Teams meetings. E-mail email@example.com to be e-mailed a link to the meeting.
The City's Office of Economic Development recently hosted a series workshops with our consultant Patrick Shurney to explain the current round of PPP and CARES Act funding. View a recording of the Annapolis CARES ACTion Group Workshop 1 (Passcode: 62ZS%.Xv) and Annapolis CARES ACTion Group Workshop 2 (Passcode: gp8k?0M=). If you have additional questions, you can contact Patrick Shurney at firstname.lastname@example.org.
As part of SBA’s debt relief efforts,
- 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.
Internal Revenue Service/Treasury Department
The Treasury Department and the Internal Revenue Service launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
State of Maryland Assistance
Office of the Comptroller
The Maryland Office of the Comptroller has extended filing and payment deadlines for certain Maryland business taxes and quarterly estimated income tax returns and payments that would be due in January, February and March 2021 until April 15, 2021. No interest or penalties will be assessed and there is no need to file a request for extension.
Businesses and self-employed individuals or independent contractors with estimated income tax returns and payments due on January 15, 2021 also will be granted an extension until April 15, 2021.
The extension applies to business taxes administered by the Comptroller: sales and use, admissions and amusement, alcohol, tobacco, and motor fuel tax, as well as tire recycling fee and bay restoration fee returns and payments with due dates between January 1, 2021 and April 14, 2021.
For questions contact: email@example.com
Maryland Department of Commerce
Maryland Small Business Development Financing Authority - COVID-19 Emergency Relief Loan Fund
The new MSBDFA Program - COVID-19 Emergency Relief Loan Fund provides emergency financial relief to eligible businesses that have experienced economic hardship due to the ongoing pandemic with low-interest rates and low-documentation loans. Five-year term loans ranging from $25,000 to $200,000 will be available with an interest rate of zero percent for the first 12 months and two percent for the remaining term of the loan.
Check the Status of Your Maryland COVID-19 Loan/Grant
If you have submitted an application for the Maryland Small Business COVID-19 Emergency Relief Loan/Grant you can now check the status of that application by signing up for a Maryland OneStop account. Please be sure to use the same email address that was used in your original application. This does not offer updates on federal loan applications.
Maryland COVID-19 Emergency Relief Manufacturing Fund
This $5 million incentive program helps Maryland manufacturers to produce personal protective equipment and other items identified as Critical Needs Items by MEMA and DGS, that are urgently needed by the State of Maryland, Maryland-based hospitals and healthcare facilities, and emergency and first responders.