COVID-19 Small Business Relief
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.
Applications are now closed.
This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19.
This grant provides emergency assistance for eligible venues affected by COVID-19.
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.
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
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.