FSC First is dedicated to keeping local and statewide business communities updated on the plethora of resources that are available to businesses during this difficult time.
Maryland State COVID-19 Impacted Business Assistance
Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been negatively impacted by the Coronavirus (COVID-19). This emergency assistance provides interim relief and proceeds that can be used to pay cash operating expenses including payroll, suppliers, rent, fixed debt payments and other mission critical cash operating costs.
If you are a Maryland-based business impacted by the Coronavirus with under 50 full- and part-time employees, or a Maryland manufacturer, check out the programs below to see if you qualify for assistance.
- Maryland Small Business COVID-19 Emergency Relief Loan Fund – This $75 million loan fund (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. Learn more.
- 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. 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. More details are expected to be announced by Friday, March 27, 2020.
COVID-19 Layoff Aversion Fund – Maryland Department of Labor
Governor Larry Hogan and the Maryland Department of Labor have launched the new COVID-19 Layoff Aversion Fund, which is designed to support businesses undergoing economic stresses due to the pandemic by preventing or minimizing the duration of unemployment resulting from layoffs. 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.
SBA Economic Injury Disaster Loan
(The SBA website has had a little trouble today due to volume)