Maryland COVID-19 Emergency Relief Fund Programs for Businesses
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.
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.
Maryland Small Business COVID-19 Emergency Relief Loan Fund
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.
Maryland Small Business COVID-19 Emergency Relief Grant Fund
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.
Maryland COVID-19 Emergency Relief Manufacturing Fund
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. More details are expected to be announced by Friday,
March 27, 2020.
To learn more, visit the Maryland Department of Labor, Maryland Department of Commerce, or Maryland Business Express Resources.
Three-Step Process for Disaster Loans
The U. S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace uninsured/underinsured disaster-damaged property. SBA disaster loans offer an affordable way for individuals and businesses to recover from declared disasters. To learn more about the disaster loan process, click here.
