U.S. Small Business Administration Disaster Loan Assistance:
Maryland has been designated as a Coronavirus disaster zone by the U.S. Small Business Association (USSBA), which opens federal disaster loan assistance to Maryland small businesses. To apply and find more information, click here.
Maryland Small Business COVID-19 Emergency Relief Loan Fund:
This COVID-19 Emergency Relief $75M Loan Fund offers working capital to assist Maryland for-profit small businesses with 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) open to Maryland businesses impacted by COVID-19 with fewer than 50 employees.
- 0% interest for the first 12 months, and 2% interest for the remaining 36 months.
- Deferral of any payments for the first 12 months, and straight amortization beginning in the 13th month through the 36th month.
- The business or nonprofit must demonstrate financial stress or disrupted operations.
- To find more information and apply, click here.
Maryland Small Business COVID-19 Emergency Relief Grant Fund:
Maryland is also offering working capital to assist Maryland small businesses and nonprofits with disrupted operations due to COVID-19.
- Grants up to $10,000 not to exceed 3 months of cash operating expenses for Maryland businesses and nonprofits with 50 or fewer employees.
- Business or nonprofit is expected to seek longer term funding through its bank, SBA, or other source.
- To find more information and apply, click here.
Currently, Maryland state loans and grants are only available to businesses with taxed employees. Self-employed individuals and sole proprietors are not eligible for state assistance at this time. Please visit Maryland’s COVID-19 Business Response website, which contains a FAQ page which will be updated should this change.
Montgomery County Public Health Emergency Grant:
The Montgomery County Council is currently considering legislation that will open up further resources at the county-level. This legislation is expected to be voted on at a March 30, 2020 voting session. For more information, click here.