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Economic Relief Packages for Maryland Small Businesses and Nonprofits Disrupted by COVID-19

Economic Relief Packages for Maryland Small Businesses and Nonprofits Disrupted by COVID-19

Service Businesses  |  Healthcare  |  Nonprofit  |  Manufacturing & Distribution  |  Government Contractors  |  Construction & Real Estate

On March 23, 2020, Governor Larry Hogan announced new economic relief packages from the Maryland Department of Commerce for Maryland small businesses and nonprofits affected by COVID-19.

Check out our resource center to keep you up-to-date during the COVID-19 pandemic

Maryland Small Business COVID-19 Emergency Relief Grant Fund


The application period for this program has closed.


This grant fund offers working capital to assist Maryland small businesses and nonprofits with disrupted operations due to COVID-19. These grant funds are intended to provide interim relief complementing actions with the business’s bank, business interruption insurance and financial partners.

As part of a $50 million grant fund, eligible businesses and nonprofits can receive up to $10,000, not to exceed three months of cash operating expenses.

To be eligible your business or nonprofit must:

  • Have 50 or fewer employees
  • Be established prior to March 9, 2020 and be in good standing with the state
  • Have annual revenues not to exceed $5 million (as evidenced by financial statements or other financial documentation)
  • Seek out longer term funding through your business or nonprofit’s bank, SBA or other source
  • Demonstrate financial stress or distributed operations

If awarded, these funds can be used to pay for payroll, rent, mortgage payments, utilities and other expenses that are incurred during normal operations.

Read more about the grant fund and apply here.

Maryland Small Business COVID-19 Emergency Relief Loan Fund


The application period for this program has closed.


This loan fund offers working capital to assist Maryland small businesses with disrupted operations due to COVID-19. Loan assistance is intended to provide interim relief complementing actions with the business’s bank, business interruption insurance and financial partners.

As part of a $75 million loan fund, eligible businesses can receive a loan up to $50,000, not to exceed three months of cash operating expenses. The loan will have an interest rate of 0% for the first 12 months and 2% for the remaining 36 months. Businesses will be able to defer any payments for the first 12 months, with straight amortization beginning in the 13th month through the 36th month. There are no collateral requirements.

To be eligible your business must:

  • Have 50 or fewer employees
  • Be established prior to March 9, 2020 and be in good standing
  • Provide two years of historical financial statements and most recent interim statement to benchmark revenue against (if available)
  • Provide a six-month pro forma of estimated lost revenue or other documented loss evidence
  • Have a minimum personal credit score of 575
  • Demonstrate financial stress or distributed operations

If awarded, these funds can be used to pay for payroll, rent, mortgage payments, utilities and other expenses that are incurred during normal operations.

Read more about the loan fund and apply here.

Small Business Disaster Loans

The U.S. Small Business Administration (SBA) is also making low-interest disaster recovery loans available to small businesses that have been severely impacted by the COVID-19 pandemic. Loans are available to businesses located in declared disaster areas, including Maryland, Washington, DC and Virginia. Read more about these loans here.

 

COVID-19 updates

Published on March 24, 2020