This $50 million Grant Fund offers working capital to provide interim relief for Maryland small businesses and nonprofits whose operations were disrupted due to COVID-19.
Terms and conditions
- Grants of up to $10,000, which cannot exceed 3 months of operating expenses, for MD businesses and nonprofits with 50 or fewer employees impacted by COVID-19
- Business or nonprofit must be established prior to March 9, 2020 and in good standing
- Applicants must have W-2 employees (had payroll taxes withheld)
- The business or nonprofit’s revenue cannot exceed $5 million
- The nonprofit or business is expected to seek more long term funding through its bank, SBA, or other source
Eligible uses: Working capital to support payroll expenses, mortgage payments, rent, utility expenses, or other expenses incurred in the ordinary course of operations
- To qualify, a business or nonprofit must demonstrate disrupted operations or financial stress, including but not limited to:
- Notice of inability to make payments on loans due to suspended operations or reduced sales
- Notices from tenants who have closed operations and ceased paying rent due to loss of income
- Notice of a disrupted supply network causing shortages of critical materials and inventory
- Other circumstances are considered on a case by case basis