March 27, 2020

Please reload

Recent Posts

The Breakdown of Congress' COVID-19 Emergency Relief Acts

March 31, 2020

1/10
Please reload

Featured Posts

Maryland Offers Small Business COVID-19 Emergency Grant

March 27, 2020

 

Small Businesses and nonprofits with fewer than 50 employees and annual revenues less than $5 million are eligible for grants to cover three months of cash operating expenses up to $10,000. Eligible uses of the grant include working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of operations. Businesses must provide evidence of business disruption, which may include but is not limited to:

  • Notices from tenants closing operations and not paying rent caused by loss of income. 

  • Notice of inability to make loan payments due to reduced sales, suspended operations.

  • Increased cost related to COVID-19 prevention measures.

  • Notice of disrupted supply network leading to shortage of critical inventory or materials.

  • Other circumstances subject to review on a case by case basis

Must be established prior to March 9, 2020. Business must be in good standing. Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees). Annual Revenues of the business or nonprofit not to exceed $5 million as evidenced by Financial Statement or other financial documentation. Business or nonprofit is expected to seek longer term funding through its bank, SBA, or other source. Eligible uses include: working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of operations.

 

Applicants can apply here.

 

Maryland is also offering Small Business COVID-19 Emergency Relief Loans. This COVID-19 Emergency Relief Loan Fund offers working capital to assist Maryland for-profit small businesses disrupted operations due to COVID-19. Loan assistance is intended to provide interim relief complementing actions with its bank, business interruption insurance, and financial partners. Loans of up to $50,000 (not to exceed three months of cash operating expenses) are available to Maryland businesses with fewer than 50 employees. Business must be established prior to March 9, 2020 and in good standing and must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees).

 

Also now available from Maryland is temporary capital from the Layoff Aversion Fund. Governor Larry Hogan and the Maryland Department of Labor have launched the new COVID-19 Layoff Aversion Fund, designed to support businesses undergoing economic stresses due to the pandemic by preventing or minimizing the duration of unemployment resulting from layoffs. The award (up to $50,000 per applicant), is meant to meet the specific needs of your business and minimize the need for layoffs. This funding is not for rent and is not for employee wages unless approved for Unemployment Insurance Work Sharing participation. It is designed to cover costs related to maintaining employees (i.e. purchase of software to stay connected while employees work from home, additional cleaning costs related to COVID-19, etc.) For  additional information, including more examples of how this fund can be used and to apply, go here

 

Frederick County businesses may be able to take advantage of micro-grants similar to that offered from the state. This micro-grant program is available from the Department of Economic Development to assist small businesses in the City of Frederick impacted by the COVID-19 pandemic. One-time grants of $2,500 are available with no repayment due (this is not a loan) to cover things like building rent, mortgage payments, and utilities. These grants are available on a first-come, first-served basis for those businesses that meet the criteria stated, so don't delay. Go here for details and to apply.

Please reload

Follow Us
Please reload

Search By Tags