Resources for Small Businesses

FEDERAL RESOURCES

  • Click here for the Small Business Committee's "Small Business Owner's Guide" to the CARES Act 
  • Click here for the U.S. Chamber of Commerce's "Small Business Guide" to the CARES Act
  • Click here for a summary of the small business provisions in the CARES Act
  • Click here for a flow chart with counseling resources and basic information about the new SBA programs (Paycheck Protection Program and EIDL Grants) included in the CARES Act

Economic Injury Disaster Loan (EIDL)

  • Governor Hogan announced on March 19 that the entire state of Maryland has received official designation for SBA assistance. Small businesses in Maryland can apply directly to the SBA for low-interest loans through the Economic Injury Disaster Loan (EIDL) program. Visit SBA's website to apply now. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
  • For additional information or to obtain help preparing the loan application please contact a local SBA office. You can find contact information for your local office here. If you need additional help navigating the SBA process, the Maryland Small Business Development Center can help.
  • With the passage of the CARES Act, an additional $10 billion has been added to the SBA’s EIDL program, which provides low-interest loans to companies affected by the outbreak. There is also a new emergency $10,000 advance from SBA. This advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.
  • The expansion of the EIDL program now includes tribal businesses, cooperatives, ESOP’s, individual contractors, sole proprietors, and private non-profits with less than 500 employees.
  • SBA is also allowing small businesses with existing loans to defer payments by up to six months to supplement their cash flow during the crisis. Those businesses should reach out to their lenders to talk about this sort of modification.
  • General SBA guidance for businesses can be found here
  • For even more help, you can join one of SBA’s daily webinars or conference calls.
    • 3:00 pm, Daily Call – 202-765-1264; ID # 827-299-626
    • 5:30 pm, Daily Call – 202-765-1264, ID # 310-688-488
    • 10:30 am and 8:00 pm – Zoom Webinar. Download the ZOOM app for free. Meeting # 6794772946. Have all your necessary documents ready.

Paycheck Protection Program (PPP)

  • The Paycheck Protection Program (PPP) provides federal guarantees for forgivable loans issued by banks and other lenders to to small businesses to assist with payroll costs for workers who are forced to stay home. Loans will be available for firms that meet SBA small business size standards, self-employed, sole proprietors, independent contractors (i.e., workers in the “gig” economy), and certain nonprofits including 501(c)(3)s, 501(c)(19)s, and tribal business concerns with fewer than 500 employees.
  • The goal of these loans is to help businesses keep workers on the payroll; if they keep all employees on the payroll for eight weeks and use the funds for expenses like payroll, rent and utilities, the SBA will forgive the loan.
  • Consult with your existing lender first to see if they are participating in the program or find a participating lender in your area here.
  • Click here for an FAQ from the Treasury Department regarding the implementation of The Paycheck Protection Program.

STATE RESOURCES

Visit the Maryland Coronavirus Information Page for Businesses here. You can also visit the website to subscribe to receive email updates. Click here for an ongoing FAQ guide for Maryland businesses planning and responding to the coronavirus. Click here for FAQ translations in more than 10 languages.

Note: Applications are no longer being accepted for the Maryland Small Business COVID-19 Emergency Relief Grant and Loan Funds or the Layoff Aversion Fund. The Emergency Relief Manufacturing Fund remains open for applications.

  • The Maryland Department of Commerce has created the Maryland COVID-19 Emergency Relief Manufacturing Fund, a $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. Learn more.
  • The Maryland State Arts Council has created special grant opportunities that provide emergency funding to arts organizations and artists in Maryland. Learn more.
  • The Maryland Agricultural Resource-Based Industry Development Corporation (MARBIDCO) has launched the Pandemic Adjustment Loan Fund Program to help Maryland's food and fiber producers, harvesters, and primary processors adjust to business disruptions. Learn more.

The Maryland Small Business Development Center also offers helpful coronavirus-related resources for small businesses. Click here for more information. 

COUNTY RESOURCES

  • Frederick County is asking businesses and nonprofits to complete this survey to assess the needs of the community.
  • The Montgomery County Council has voted to create an emergency grant program and provide $20 million in funding for those impacted by the pandemic. The Public Health Emergency Grant Program will provide grant funding up to $75,000 to small businesses and nonprofits. The county will also provide microgrants up to $2,500 to cover costs associated with purchasing teleworking equipment. Read more.