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.
- Please direct all questions regarding hotel and lodging funding to Secretary.Commerce@maryland.gov.
- 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.
- Please direct all questions regarding restaurant funding to Secretary.Commerce@maryland.gov.
- $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:
- The Maryland Department of Commerce is not accepting new applications for the Small Business COVID-19 Emergency Relief Grant & Loan Funds, and will continue to distribute funds on a first-come, first-served basis based on the applications we have already received. Please visit our FAQs for more information on disbursement.
- Governor Hogan has directed the Department of Commerce to forgive the $75 million in emergency loans that the state provided to businesses during the first round of economic relief in March and convert them all to grants.
- If you have questions or concerns about these funds, please email email@example.com.
- The Maryland Department of Housing and Community Development will provide a total of $35 million in funding for entertainment venues and for the state's 33 designated Main Street Maryland communities and Baltimore City's 8 designated Main Street neighborhoods to support local businesses. For questions, contact firstname.lastname@example.org.
- The Maryland Nonprofit Recovery Initiative helps address revenue reductions and expense increases for nonprofits impacted by COVID-19.
- The U.S. EDA has awarded Maryland with $3.4 million to support the state’s small businesses. From this, $770,000 has been awarded to recapitalize the Maryland Economic Adjustment Fund (MEAF) program.
- The Maryland Department of Natural Resources will accept applications for economic relief funds for the commercial seafood industry.
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.
- Allegany County - Restaurant Relief Fund
- Anne Arundel County - Childcare Providers Support Grants; Humanitarian Relief Fund; Community Crisis Response Grant; Restaurant and Food Service Recovery Grant
- Baltimore City - Small Business Assistance Grant; Restaurant Grants
- Baltimore County - Small Business Reimbursement Grant Program; Restaurant Reimbursement Program; Restaurant Grant Program
- Calvert County - Restaurant Relief Fund
- Carroll County - Carroll Restaurant Relief
- Caroline County - Emergency Grant Funding for Small Businesses
- Cecil County - Cecil Cares Small Business Grant; Cecil Catalyst COVID-19 Loans; Cecil Restaurant Relief
- Charles County - COVID-19 Business Loans; Grants; Restaurant Relief Grant
- Dorchester County - COVID-19 Grant Relief Program; Restaurant Grant Relief
- Frederick County - Restaurant Relief Grant
- Garrett County - Restaurant Relief Grant
- Harford County - COVID -19 Business Relief Grants; Winter Restaurant Relief Grant; Childcare Provider Relief Grant; Hotel Relief Grant
- Howard County - HoCo RISE Business Relief Grant; Restaurant Relief Fund
- Kent County - Restaurant Relief Grant; Sanitation Reimbursement Grant
- Montgomery County - Reopen Montgomery Grant Program; Tourism Anchor Institution Grant; Restaurant Relief Grant
- Prince George’s County - Hourly Employee Relief Fund; Restaurant Resiliency Fund; Open Door Grant Fund
- Queen Anne’s County - Small Business Assistance and Recovery Fund; COVID Sanitation Fund; Restaurant Relief Grant
- Somerset County - Restaurant Relief Fund
- St. Mary’s County - COVID-19 Small Business and Non-Profit Relief Fund; Restaurant Relief Fund
- Talbot County - Restaurant Relief Fund
- Washington County - Direct Relief for Restaurants Grant; Hotel & Lodging Relief Grant
- Wicomico County - Restaurant Relief Supplemental Grant Fund
- Worcester County - Restaurant Relief Program
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
- The SBA began accepting new Paycheck Protection Program applications on January 11, 2021.
- FAQs and loan forgiveness forms and instructions for the Paycheck Protection Program (PPP) loans can be found here.
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.
The CARES Act
- 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.
- 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.