Governor Hogan announced today a new $175 million emergency relief fund to assist small businesses and workers impacted by the novel coronavirus (COVID-19)

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 has also authorized a Small Business Layoff Aversion Fund to assist small businesses in maintaining their workforce. Please see below for details.

New Maryland Relief Fund Programs for Small Businesses and Workers

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. More info here: https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-loan-fund

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. More info here: https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-grant-fund

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. More info here on March 27: https://commerce.maryland.gov/fund/maryland-covid-19-emergency-relief-manufacturing-fund

COVID-19 Layoff Aversion Fund – 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. More info here: https://www.dllr.state.md.us/employment/covidlafund.shtml

In addition to the new Maryland relief fund above, please see the important resources for businesses and workers below:

SBA Economic Disaster Loans for Small Businesses in Maryland – The U.S. Small Business Administration (SBA) offers low-interest federal disaster working capital loans to Maryland small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). SBA acted under authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act recently signed by the President, following a request received from Gov. Larry Hogan March 18, 2020. The disaster declaration makes SBA Economic Injury Disaster Loans (EIDL) assistance available in the entire Commonwealth. More info here: https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-disaster-assistance-available-maryland

Unemployment Assistance for Workers Affected by the Coronavirus (COVID-19): The State of Maryland has expanded the eligibility for unemployment benefits so that workers who have been laid off, furloughed, or otherwise been idled by the COVID-19 crisis can receive assistance.

Please apply here: https://www.dllr.state.md.us/employment/unemployment.shtml

Please see the Frequently Asked Questions About COVID-19 and Maryland’s Unemployment Insurance Benefits here: https://www.dllr.state.md.us/employment/uicovidfaqs.shtml

BREAKING NEWS: Maryland Gov. Hogan announces closure of non-essential businesses due to coronavirus pandemic: https://www.baltimoresun.com/coronavirus/bs-md-pol-hogan-nonessential-businesses-20200323-mb5ltcvsjvbu3ihp236por2xvq-story.html

-Mel Franklin, Council Member At-Large