On March 23, 2020 Governor Hogan issued an Executive Order requiring the closure of all non-essential businesses in the state of Maryland. Find more information about business closures and restrictions on the state’s Coronavirus (COVID-19) Information for Businesses page, including information on applying for unemployment insurance.
Businesses and non-profit organizations impacted by the COVID-19 pandemic in the State of Maryland can use the following Federal, State, and Local resources. There is no limit to how many programs you can participate in. Additional guidance can be found in this detailed breakdown of all offerings and in the Small Business Owners Guide to the CARES Act.
- U.S. Small Business Administration (SBA) Disaster Recovery Loans – Organizations financially impacted since January 21, 2020 may qualify for up to $2 million dollar loans.
- EIDL Emergency Grants - The Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily expands eligibility for SBA economic injury disaster loans and provides an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19.
- U.S. Treasury Paycheck Protection Program - authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
- Maryland Small Business COVID-19 Emergency Relief Loan Fund - $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.
- Maryland Small Business COVID-19 Emergency Relief Grant Fund - $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.
- Maryland COVID-19 Emergency Relief Manufacturing Fund - $5 million incentive program helps Maryland manufacturers to produce personal protective equipment (PPE) urgently needed by hospitals and health-care workers across the country.
- Maryland Work Sharing Unemployment Insurance - Provides an alternative to layoffs for employers faced with a temporary decline in business. Qualified employers are able to retain employees by reducing their hours of work by a percentage equal to the total reduction of hours that would have been achieved by a layoff. The employees whose hours are reduced receive partial UI benefits to supplement lost wages.
- Prince Georges County COVID-19 Relief Fund - a $15M fund established to provide financial assistance to businesses affected by the COVID-19 crisis. The Relief Fund can be used to support cash operating expenses including payroll, suppliers, rent, fixed debt payments and other business critical cash operating costs. Applications available until May 15, 2020.
Hyattsville Mayor Candace Hollingsworth is hosting regular check in calls with local businesses and non-profits to share updates and resources. To join these calls, send a request to firstname.lastname@example.org.