COVID-19 Small Business Relief
US Small Business Administration
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Businesses in the City of Annapolis and Anne Arundel County are now authorized to apply for the Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters. The anticipated turn around time for small business applications is 21 days.
To learn more, log onto a daily SBA Conference Call – you can ask questions.
3:00pm Daily. Call – 202-765-1264, Conf Call ID# 827-299-626
Daily EIDL Application Help - 10:30am and 8:00pm. On the ZOOM call, the SBA agent will walk you through how to fill out the EIDL form. Have all your necessary documents ready. Download the ZOOM app. Free. Meeting # 6794772946.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Under this program eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount. Loan payments will be deferred for six months.
If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
Terms: up to $25,000; fast turnaround; will be repaid in full or in part by proceeds from the EIDL loan.
Find an Express Bridge Loan Lender by connecting with your local SBA District Office.
State of Maryland Assistance
Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been negatively impacted by the Coronavirus (COVID-19). This emergency assistance provides interim relief and proceeds that can be used to pay cash operating expenses including payroll, suppliers, rent, fixed debt payments and other mission critical cash operating costs.
Maryland Department of Commerce
If you are a Maryland-based business impacted by the Coronavirus with under 50 full- and part-time employees, or a Maryland manufacturer, check out the programs below to see if you qualify for assistance.
This $75 million loan fund (for for-profit businesses only) 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.
If you have questions before applying, please review these Frequently Asked Questions.
This $50 million grant program for businesses and non-profits offers grant amounts up to $10,000, not to exceed 3 months of demonstrated cash operating expenses for the first quarter of 2020.
Before applying to this program, please review these Frequently Asked Questions.
Independent contractors do not qualify for the program. Independent contractors can:
• See if you qualify for unemployment through the Department of Labor. See Labor’s Frequently Asked Questions About COVID-19 and Maryland's Unemployment Insurance Benefits Administration.
• Keep up-to-date on the federal stimulus, which may impact unemployment eligibility for self-employed people and independent contractors.
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
At this time the Department of Labor is no longer accepting applications for the COVID-19 Layoff Aversion Fund. Please refer to the Coronavirus (COVID-19) Information for Businesses webpage for information on the new federal programs enacted by the passage of the federal Coronavirus Aid, Relief, and Economic Security Act known as the ‘CARES’ Act.