We received the following from the Maryland Department of Commerce in regards to SBA Loan information for business affected by the current coronavirus crisis.
FROM KELLY SCHULZ, Maryland Secretary of Commerce
"I highly recommend that all of your impacted businesses go to https://businessexpress.maryland.gov/
It is a portal that was set up Friday and we are posting all updated information as we receive it. Additionally, please have your clients use Secretary.Commerce@maryland.gov to ask specific questions. This is a collaborative effort for all agencies to be able to quickly and collaboratively answer questions. Their are FAQs on the portal. If you could help to widely distribute this information, it would be greatly appreciated. Obviously, thousands of businesses have the same questions and concerns and we need to address them all.
Thank you, thank you, thank you for getting this in front of them and their staff. Trust me....it will save them so much time because everyone has a question right now. "
Maryland COVID-19 Emergency Relief Fund Programs for Businesses
Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been negatively impacted by the Coronavirus (COVID-19). This emergency assistance provides interim relief and proceeds that can be used to pay cash operating expenses including payroll, suppliers, rent, fixed debt payments and other mission critical cash operating costs.
If you are a Maryland-based business impacted by the Coronavirus with under 50 full- and part-time employees, or a Maryland manufacturer, check out the programs below to see if you qualify for assistance.Details and further information on the emergency relief programs can be found at:
FROM THE SBA - Baltimore Office
Our contact at the SBA sent this link and advised that SBA loans would fall under the category of the Economic Injury Disaster Loan Program. This program provides small businesses with working capital loans of up to $2 million to give you vital economic support to help overcome the temporary loss of revenue you are experiencing.
Here is the link for the Disaster Loans: SBA.gov/Disaster.