Maryland Announces Emergency Relief Funds for Businesses
Maryland Announces Emergency Relief Funds for Businesses
Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been impacted by COVID-19. This emergency assistance can be used to pay cash operating expenses including payroll, suppliers, rent, fixed debt payments and other mission-critical cash operating costs. Both Maryland Departments of Labor and Commerce are continuously updating information to keep communities informed.
Businesses that have under 50 full- and part-time employees or are a Maryland manufacturer can check if they qualify for assistance.
- Maryland Small Business COVID-19 Emergency Relief Loan Fund – This $75 million loan fund, created 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 produce personal protective equipment (PPE) that is urgently needed by hospitals and health-care workers across the country. More details to come by this Friday, March 27, 2020.
Maryland’s Layoff Aversion Fund
The Maryland Department of Labor has established the $7M COVID-19 Layoff Aversion Fund to provide immediate relief to those in need. The award (up to $50,000 per applicant), will be a quick deployable benefit and customizable to the specific needs of your business to minimize the need for layoffs.