On March 23, 2020, Maryland Governor Larry Hogan announced resources at the state level to help small businesses get through the financial struggles associated with the economic impact of Coronavirus. These resources include fast-track funding, interest free notes, and Small Business Administration loans at the Federal level. This article details those items hoping to provide additional knowledge and resources to our business community.
- Maryland Small Business COVID-19 Emergency Relief Loan Fund – This $75 million loan fund (for for-profit businesses only) 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. Learn more.
- Maryland Small Business COVID-19 Emergency Relief Grant Fund – This $50 million grant program for businesses and non-profits offers grant amounts up to $10,000, not to exceed 3 months of demonstrated cash operating expenses for the first quarter of 2020. Learn more.
- Maryland COVID-19 Emergency Relief Manufacturing Fund – This $5 million incentive program helps Maryland manufacturers to produce personal protective equipment (PPE) that is urgently needed by hospitals and health-care workers across the country. More details are expected to be announced by Friday, March 27, 2020.
- Funding for businesses to start producing Personal Protective Equipment which is urgently needed by hospitals and health-care workers across the country.
- Small Business Administration Disaster Relief Loan – SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets.
- Home and Personal Property Loans for individuals who don’t own a business.
- Business Physical Disaster Loans for businesses that incur damage during a disaster.
- Economic Injury Disaster Loans for businesses if you have suffered economic injury regardless of physical damage.
- Military Reservists Economic Injury Loans specific to those called to active duty.
Please contact Faragalla and Associates for specific questions on any of the above financing options.
For assistance in applying for any of the following, or for any documentation/specific questions answered related to the applications, please contact your client representative.
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Faragalla and Associates is a full-service public accounting firm in Frederick Maryland specializing in caring about our clients. We look for both preexisting and new legislation that can benefit our clients while maintaining a local firm culture.
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