Skip To Content
    • Home
    • 2020
    • Helpful Loan Info For Small Businesses

    Helpful Loan Info For Small Businesses

    We are always thinking of you especially in these trying times. Many of you are or will have financial challenges surviving the necessary social distancing being put in place across the country. Governor Hogan has already put measures in place to assist small businesses during this time. We have provided documentation of three of the most useful programs below and we expect more to be announced in the coming days. We recommend you reach out to your Accountant to support you in this process by providing guidance and any financial information you need to complete the application.

     

    Small Business COVID19 Emergency Grant Relief Fund: In short, this is up to a $10,000 grant which means it does not need to be repaid. It requires documentation Attach Evidence of Business Disruption (ex. Reduced sales, inability to make loan payments), Attach financial statements (2 years) and/or most recent interim statement, W-9 IRS Form <https://www.irs.gov/pub/irs-pdf/fw9.pdf> in addition to standard certification information. (<https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-grant-fund>)

     

    Maryland Small Business COVID-19 Emergency Relief Loan Fund: This loan must be repaid. It 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. (<https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-loan-fund>)

     

    COVID-19 Layoff Aversion Fund – Workforce Development and Adult Learning: In short, this is up to a $50,000 grant which means it does not need to be repaid. The goal with this effort is to prevent layoffs or to shorten their duration. You will need to present a case of how much money you need and how many people’s jobs it will save for what duration of time. (<http://www.labor.maryland.gov/employment/covidlafund.shtml>)

    Trackback from your site.

    Leave a Reply