Help for Small Businesses in Maryland

Summary of Keypoints

• Overview of Maryland small business relief: Maryland offers two COVID-19 emergency assistance programs for small businesses and nonprofits with fewer than 50 employees: an emergency relief grant fund and an emergency relief loan fund.
• Maryland Small Business COVID-19 Emergency Relief Grant Fund ($50M): This program provides grants of up to $10,000 to Maryland small businesses and nonprofits with disrupted operations due to COVID-19, limited to no more than three months of cash operating expenses, with eligibility capped at $5 million in annual revenues.
• Maryland Small Business COVID-19 Emergency Relief Loan Fund ($75M): This program offers loans of up to $50,000, limited to three months of operating expenses, with 0% interest for the first 12 months and 2% interest over the remaining 36 months, and payments deferred during the first year.
• Documentation and eligibility requirements: Loan applicants must submit two years of historical financial statements and the most recent interim financial statement to demonstrate operational disruption caused by COVID-19.
• Permitted uses of funds: Grant and loan proceeds may be used for working capital needs, including payroll, rent, mortgage payments, utilities, and other ordinary operating expenses.

Maryland offers two programs to assist small businesses with fewer than 50 employees. The first is an emergency relief grant fund, and the second is an emergency relief loan funds.

Maryland Small Business COVID-19 Emergency Relief Grant $ 50M Fund This fund offers working capital to assist Maryland small businesses and nonprofits with disrupted operations due to COVID-19. The program provides for grants up to $ 10,000, not to exceed 3 months of cash operating expenses. Annual revenues of the business or nonprofit must not exceed $5 million.

Go to application site here

Maryland Small Business COVID-19 Emergency Relief $ 75 M Loan Fund This fund offers working capital to assist Maryland small business disrupted operations due to COVID-19. Loans up to $ 50,000, not to exceed three months of cash operating expenses are available, bearing interest of 0% for the first 12 months, and 2% for the remaining 36 months. Payments are deferred for the first 12 months, with straight amortization beginning in the 13th month through the 36th month. Businesses must provide two years of historical financial statements and the most recent interim financial statement to demonstrate disrupted operations.

Go to application site here

Eligible uses of funds include working capital to support payroll expenses, rent, mortgage payments, utility expenses or similar expenses that occur in the ordinary course of operations.