COVID-19 ASSISTANCE: RESOURCES FOR SMALL BUSINESSES

 

SBA Economic Injury Disaster Loan Assistance 

Small businesses economically impacted by COVID-19 may apply for disaster assistance from the U.S. Small Business Administration (SBA).

ABOUT THE LOAN
  • May be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
  • Cannot be used to refinance pre-existing debt.
  • The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
  • Repayments terms, up to a maximum of 30 years, are determined on a case-by-case basis, based upon each borrower’s ability to repay.
  • There is no cost to apply for an SBA Economic Impact Disaster Loan.
  • The application filing deadline is December 21, 2020.

 

TIPS FOR APPLYING
  • Do not fill in a requested loan amount. The amount will be determined by the SBA’s Office of Disaster Assistance.
  • Print the application and review the information before beginning the online process.
  • Have the necessary documents ready to be uploaded.
    • Tax Information Authorization IRS FORM 4506T
    • Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business; an explanation if not available
    • Personal Financial Statement (You may complete online or print, complete, and upload) SBA FORM 413
    • Schedule of Liabilities listing all fixed debts SBA FORM 2202 may be used

 

PLEASE NOTE
  • Applications may be submitted online, but some users are experiencing problems on Chrome. Please use an alternate browser.
  • Staff cannot assist with password recovery. Be sure to keep your login and password in a safe location. Save your work at every prompt.

 

 

 

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Maryland Small Business COVID-19 Emergency Relief Loan Fund

The COVID-19 Emergency Relief Loan Fund is being administered by the Maryland Department of Commerce. It offers $75 Million of working capital to assist for-profit small businesses with less than 50 full and part-time employees that are experiencing disrupted operations due to COVID-19. Eligible uses include working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses related to the ordinary course of business operations. General terms and conditions include the following:

  • Loans up to $50,000 (not to exceed three months of cash operating expenses).
  • 0% for the first 12 months; 2% for the remaining 36 months.
  • Deferral of any payments for the first 12 months, and straight amortization beginning in the 13th month through the 36th month.
  • Business must be established prior to March 9, 2020 and in good standing.
  • Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees).
  • Two years of historical financial statements and most recent interim statement to benchmark revenue against (if available).
  • Six month pro forma of estimated lost revenue or other documented loss evidence.
  • Minimum personal credit score of 575.
  • No collateral requirements.

 

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Maryland Small Business COVID-19 Emergency Relief Grant Fund

The COVID-19 Emergency Relief Grant Fund is being administered by the Maryland Department of Commerce. It offers $50 Million of working capital to assist small businesses and nonprofit organizations with less than 50 full- and part-time employees that are experiencing disrupted operations due to COVID-19. Eligible uses include working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses related to the ordinary course of business operations. General terms and conditions include the following:

  • Grants up to $10,000 not to exceed three months of cash operating expenses for Maryland businesses and nonprofits impacted by the COVID-19 with 50 or fewer employees.
  • Must be established prior to March 9, 2020.
  • Business must be in good standing.
  • Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees).
  • Annual Revenues of the business or nonprofit not to exceed $5 million as evidenced by Financial Statement or other financial documentation.

 

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