COVID-19 Relief: Financial Assistance for Maryland Businesses
March 24, 2020
On March 23, 2020, in response to the Coronavirus pandemic, Governor Hogan issued an order requiring all non-essential businesses and other establishments to close. This mandatory order will cause severe pain to Maryland businesses that are already suffering due to the pandemic.
Fortunately, on the same day, Maryland also announced that it is rolling out financial assistance to small businesses impacted by COVID-19. The financial assistance comes in four separate programs and is in addition to funding provided by the federal government through SBA loans.
Below are the key terms of the financial relief programs, as well as links to apply and obtain further details:
Layoff Aversion Fund – $7 million grant fund
Grants of up to $50,000
Eligible uses – purchasing equipment and software for working remotely; cleaning/sanitation supplies; additional insurance
Generally cannot be used for wages and benefits
Maryland non-profit or for-profit businesses impacted by the COVID-19 with 500 or fewer employees in Maryland
Up to date on unemployment insurance taxes and in good standing with Comptroller of Maryland and Maryland Department of Labor