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Financial Assistance

State Programs

On December 17, Governor Hogan announced additional economic relief initiatives, including relief for hotel and lodging businesses and additional relief for restaurants, as well as assistance for rural businesses and an additional $15 million to support entertainment venues. Initiatives include: 

  • $50 million from Maryland’s dedicated emergency rapid response fund will go to help hotel and lodging businesses across the state. This funding will be distributed by local jurisdictions to go toward payroll expenses, rent, and utilities in order to keep operations going while travel is restricted.
  • An additional $30 million was allocated for direct relief to restaurants (adding to the $50 million announced in October. The funding will go through local jurisdictions (see information below under "local programs") and must be distributed no later than March  31, 2021. You must apply through your local jurisdiction. 
  • $5 million will go to help socially or economically disadvantaged tech-based businesses in the state’s rural counties, administered by the Maryland Technology Development Corporation (TEDCO).

Additional state financial assistance programs launched in response to the COVID-19 pandemic include:

Local Programs

The state of Maryland and its local governments received nearly $2.4 billion from the Coronavirus Relief Fund established through the CARES Act. Our 24 jurisdictions received $1.05 billion in federal funding, either directly or from the state. Part of this allotment can be used for each county to set up a COVID-19 relief program in order to assist businesses negatively impacted by the pandemic.

Federal Programs

Small Business Administration

  • The SBA’s Economic Injury Disaster Loan (EIDL) program is accepting applications from small businesses, private non-profits, and agricultural businesses.
  • SBA allows small businesses with existing loans to defer payments by up to six months to supplement their cash flow during the crisis. Those businesses should reach out to their lenders to talk about this sort of modification.
  • View general SBA guidance for businesses or use this interactive map to find local assistance, including Small Business Development Centers, Women’s Business Centers, SCORE business mentors, and more.

Paycheck Protection Program

Need assistance applying for PPP or EIDL Loans?
The Maryland Small Business Development Center (SBDC) can help. Sign up for free counseling today via their website and select the County of your business location for assistance.


  • Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020, which offered a tax incentive for employers to help their employees with student loan repayment. The new stimulus bill signed on December 21, 2020 extends the ability for employers to make tax-free student loan repayment contributions for employees until 2025. Information about the eligibility requirements for an educational assistance program can be found at the Internal Revenue Service website in § 127 of the Internal Revenue Code.
  • The CARES Act established the Employee Retention Credit. This refundable, 50% payroll tax credit covering up to $10,000 paid per employee, including benefits from the period of March 13, 2020 to December 31, 2020. Read more, and view additional IRS guidance on Coronavirus tax relief.

Additional Resources

  • Eviction and Homelessness - $11.7 million in general funds will be directed to the Maryland Legal Services Corporation to provide legal services to families facing eviction and other housing security issues. More grants were announced in November
  • Independent Lenders - Maryland banks, credit unions, and financial service providers are operating under precautionary measures, with increased focus on mobile, phone, and online services. If you anticipate having trouble making a loan payment, please notify your lender or loan servicing company as soon as possible to discuss your options. Early and regular communication is important. Visit the Maryland Bankers Association or view a list of credit unions operating in Maryland and their contact information.
  • Maryland Manufacturing Network - Offers a central location where buyers, such as health care systems, local emergency management agencies, and essential companies, can identify which suppliers have PPE, health care equipment, and other essential items.
  • Neighborhood BusinessWorks - Provides flexible financing to small businesses and non-profit organizations in sustainable communities and priority funding areas
  • Opportunity Zone Microgrant Funding - Microgrants ranging from $10,000 to $50,000 are available for early stage businesses and/or businesses that are expanding within an opportunity zone in Maryland. 
  • Small, Minority and Women-Owned Business Account - The state’s Video Lottery Terminal (VLT) Fund uses proceeds from slots to assist small, minority, and women-owned businesses located in targeted areas surrounding six Maryland casinos.