Yesterday Governor Larry Hogan announced the closure of all non-essential Maryland businesses, and there’s hardly an industry that hasn’t been impacted.
Hogan also announced new COVID-19 business relief programs available through the Department of Commerce and the Department of Labor. These are first come, first serve programs. To obtain more detailed information and apply online, please visit: https://govstatus.egov.com/md-coronavirus-business.
Here are the relief programs available to business owners now:
Maryland has authorized $130 million in grant and loan funding for manufacturers and small businesses with less than 50 employees who have been negatively impacted by COVID-19. The emergency assistance provides interim relief and proceeds to pay for cash operating expenses such as payroll, rent, suppliers, fixed debt payments and other critical operating costs. The package includes the following funds:
- Maryland Small Business COVID-19 Emergency Relief Loan Fund
- Maryland Small Business COVID-19 Emergency Relief Grant Fund
- Maryland COVID-19 Emergency Relief Manufacturing Fund
The Maryland Department of Labor has announced the COVID-19 Layoff Aversion Fund, aimed at helping businesses under economic stress due to the pandemic prevent or minimize layoffs. Applicants can receive up to $50,000 to help cover costs to retain employees, such as purchasing remote access equipment, purchasing software or programs that allow employees to work from home, and covering the costs of cleaning/sanitation services if employees must stay on site.
The entire state of Maryland has received designation for the U.S. Small Business Administration Economic Injury Disaster Loan. This provides loans of up to $2 million dollars with 3.75% interest for small businesses and 2.75% interest for nonprofits. You can learn more here: https://www.sba.gov/funding-programs/disaster-assistance.
We’re here for you.
Our team is working hard this tax season, both in office and remotely. Please continue to send us your tax information, work papers and client organizers electronically through our portal or to our Owings Mills office.
Our clients are counting on us now more than ever for answers to their business challenges, and we’re here to provide them. Please do not hesitate to contact a Hoffman Group member or your client adviser if you need assistance or have questions or concerns. We are always here for you and we will get through this together.