Maryland Economic Relief Package for Small Businesses and Workers
Maryland Department of Commerce offers three new business assistance programs in response to the COVID-19 pandemic: https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-fund-programs
- Maryland Small Business COVID-19 Emergency Relief Loan Fund – This $75 million loan fund 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 offers grant amounts up to $10,000, not to exceed 3 months of demonstrated cash operating expenses for the first quarter of 2020. Learn more.
- 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.
U.S. Small Business Administration Economic Injury Disaster Loans
- In March, the SBA declared Maryland an eligible disaster area and Economic Injury Disaster Loans (EIDL) are available. You may apply for an EIDL loan here: https://disasterloan.sba.gov/ela/
- More information regarding the Economic Injury Disaster Loan program can be found here: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
- Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. For additional information or to obtain help preparing the loan application please contact a local SBA office. https://www.sba.gov/local-assistance