Governor Larry Hogan announced the availability of $125 million in loans and grants to small Maryland businesses and tax-exempt organizations through the Maryland Small Business COVID-19 Emergency Relief Fund. A $75 million loan fund (for “for-profit” businesses only) and a $50 million grant fund, with $1 million in grants dedicated to tax- exempt organizations, will provide working capital to be used for payroll, rent, fixed-debt payments, and other mission critical cash operating costs. Businesses and tax-exempt entities with under 50 full- and part-time employees that meet the program qualifications will be eligible, and loans will range up to $50,000 and grants up to $10,000. For more information about these funds, click on these links:
Maryland is also working on creating a $5 million fund to incentivize businesses to manufacture personal protective equipment and other supplies to satisfy the increasing needs of the healthcare industry, and plans to have more information available by March 27.
Additionally, Governor Hogan has allocated $5 million, and the Maryland Department of Labor has allocated $2 million, to launch the COVID-19 Layoff Aversion Fund. A total of $7 million in funds will be available to provide flexible rapid response services to support businesses and workers undergoing economic stresses due to COVID -19. Click here for more information about this fund.
If you have specific questions regarding your business operations related to the coronavirus, please contact Emerson L. Dorsey, Jr., chair of the business department, or any other member of Tydings’ business department.