May 18, 2020

14 Resources for Small Business Relief during Coronavirus

The Coronavirus pandemic has created unprecedented challenges for businesses of all sizes, but small businesses have undoubtedly been hit the hardest. However, there are various avenues available for small business relief on both state and federal levels. We’ve compiled a list of resources to support your business through this difficult time below. 

National Coronavirus Relief

Explore national resources provided by federal agencies an the Coronavirus Aid, Relief, and Economic Security (CARES) Act below.

The Small Business Owner’s Guide to the CARES Act

  • Who: Businesses with less than 500 employees
  • What: This guide provides information about the major programs and initiatives available from the Small Business Administration (SBA) to address the needs of small businesses during the COVID-19 pandemic, as well as additional tax provisions.
  • How: Access the guide here

Paycheck Protection Program (PPP) Loans

  • Who: Businesses with less than 500 employees
  • What: The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Through this program, businesses get access to capital to retain employees.
  • How: Learn more and apply here

Economic Injury Disaster Loan Emergency Advance

  • Who: Businesses with less than 500 employees (currently only applications for U.S. agricultural businesses are being accepted)
  • What: This program provides eligible businesses with an advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. 
  • How: Learn more about eligibility and apply here

Small Business Debt Relief

  • Who: All current 7(a), 504, and Microloans in regular servicing status, as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020
  • What: The SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe. Borrowers DO NOT need to apply for this relief. Rather, it will be applied directly for loans in good standing, as well as deferment. 
  • How: Learn more here

Maryland Coronavirus Relief

Our team at Nemphos Braue and our Maryland lobbying affiliate, Old Line Government Affairs has served in an advisory role to develop business relief resources during the coronavirus pandemic. Find options for small business relief for your Maryland business below.

Maryland Small Business COVID-19 Emergency Relief Loan Fund 

  • Who: [Not currently accepting applications] For-profit small businesses (under 50 employees) with disrupted operations due to COVID-19.
  • What: This COVID-19 Emergency Relief $75M Loan Fund offers working capital to assist Maryland Loan assistance, and is intended to provide interim relief complementing actions with a business’s bank, business interruption insurance, and financial partners.
  • How: Click here for more information and to apply.

Maryland COVID-19 Emergency Relief Grant Fund 

  • Who: [Not currently accepting applications] Maryland small businesses (under 50 employees) and nonprofits with disrupted operations due to COVID-19.
  • What: This COVID-19 Emergency Relief $50M Grant Fund offers working capital recipients. Grant assistance is intended to provide interim relief complementing actions with a business’s bank, business interruption insurance, and financial partners.
  • How: Click here for more information and to apply

Maryland COVID-19 Emergency Relief Manufacturing Fund 

  • Who: [Not currently accepting applications] Maryland manufacturers in good standing with OSHA and MOSH regulations
  • What: This $5 million incentive program helps Maryland manufacturers to produce personal protective equipment (PPE) that is urgently needed by hospitals and healthcare workers across the country.
  • How: Click here for the latest information about this fund.

Maryland COVID-19 Layoff Aversion Fund 

  • Who: [Not currently accepting applications] Maryland businesses impacted the COVID-19 pandemic
  • What: This fund is designed to prevent or minimize the duration of unemployment resulting in layoffs. The award (up to $50,000 per applicant) will be a quick deployable benefit that is customizable to the specific needs of your business. 
  • How: Click here for more information

Maryland FAQ for Business Planning During Coronavirus

  • Who: All impacted Maryland businesses
  • What: An extensive list of frequently asked questions about how business should plan and respond to the coronavirus pandemic
  • How: View the continually updated document here

Maryland Business Relief Wizard

  • Who: Any Maryland business looking for various types of relief during the COVID-19 pandemic
  • What: A tool that helps connect businesses with the resources and programming for which they’re eligible, streamlining the process of finding support. This includes up-to-date information on which programs are currently accepting applications. 
  • How: Try the tool here

Pandemic Adjustment Loan Fund Program (via MARBIDCO)

  • Who: Maryland’s food and fiber producers, harvesters and primary processors
  • What: This loan fund is made available through the Maryland Agricultural and Resource-Based Industry Development Corporation. Eligible farms and rural businesses can apply for loans up to $3,000 in working capital and up to $10,000 for equipment purchases at low interest rates with flexible terms. Eligible equipment does not include equipment purchased before March 15, 2020.
  • How: Learn more and apply here

Maryland State Arts Council Emergency Grants

  • Who: Maryland arts organizations and artists who are ineligible for Maryland’s Emergency Relief Loan and Grant Programs, as well as SBA Disaster Relief Loan
  • What: Emergency grants to help arts organizations adjust to losses sustained because of programming, operations, and events that have been modified or cancelled.
  • How: Learn more and apply here

Charles County COVID-19 Business Loans

  • Who: Maryland businesses located in Charles County
  • What: Under this program, eligible businesses can apply for loans up to $5000 with deferred repayment. The Economic Development Department’s existing revolving loan programs have also been adapted to address the immediate needs of county businesses — the application linked below covers all of these programs.
  • How: Request an application here

Baltimore County COVID-19 Small Business Relief Grants Program

  • Who: Baltimore businesses with more than two employees, but less than 25 at individual Baltimore sites. 
  • What: Beginning May 11, 2020, Baltimore businesses can apply for grants to cover payroll, operating expenses, business lease or rent, and inventory acquisition vital to the business, with at least 30 percent of the funds used to support payroll for non-owners.
  • How: Apply for the grant here.

Conclusion 

Stay on top of how developments at the state and local level are impacting businesses during the Coronavirus pandemic at our COVID-19 information page

We know that navigating the coronavirus pandemic requires creative problem solving and business savvy. Reach out to our team directly for assistance with these programs or other questions at 410-321-8200.

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