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Economic Development Announcements

Posted on: April 3, 2020

Additional SBA/SBDC Support for Small Business Relief Resources

The Maryland SBDC now has a dedicated COVID-19 SB Resources Webinar Page to help guide you through the new SBA financial resources for businesses affected by COVID-19. All of their webinars will be posted on this page.     


SBA is holding a Daily Conference Call – Updates (M-F) provided and you can ask questions.

3:00pm, Call 202-765-1264, Conf Call ID# 827-299-626

5:30pm, Call 202-765-1264, Conf Call ID# 310-688-488

 

Need Economic Injury Disaster Loan (EIDL) Application Help? Support is offered daily 10:30am and 8:00pm.  On the call, an SBA agent will walk you through how to fill out the EIDL form.  Have all your necessary documents ready.  Zoom Meeting # 6794772946


Below are some of the programs offered by the Small Business Administration (SBA). See SBA’s Coronavirus (COVID-19): Small Business Guidance & Loan Resources for more information.


Economic Injury Disaster Loan (EIDL) 

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.


Paycheck Protection Program

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.

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