There’s not a whole lot of positive news these days, but one sure source of inspiration has cropped up: Maryland manufacturers are stepping up and getting creative to help in the fight against COVID-19. Maryland’s Department of Commerce did some stepping up of its own by launching a $5 million incentive program to help Maryland manufacturers produce personal protective equipment and other items that are urgently needed by Maryland hospitals, healthcare facilities and emergency responders.
The economic implications of the COVID-19 pandemic are shaping up to be seismic. On March 25, the Senate passed a third economic stimulus package, the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.
Businesses are doing their part to help prevent the spread of COVID-19 by following CDC guidelines for disinfecting and offering remote work arrangements for employees. The COVID-19 outbreak has forced many business owners to put their contingency plans into place to keep operations going, and some are wondering how they will make payroll.
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.
The U.S. Small Business Administration (SBA) is 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.
Earlier this week, Treasury Secretary Steve Mnuchin delayed the deadline for individual tax payments by 90 days, moving the deadline to July 15 from April 15, when individual tax returns are normally due. Today Secretary Mnuchin took to Twitter to announce that the deadline for individual income tax filings has been extended to July 15, 2020.