Bowie & Jensen is carefully following ongoing federal and Maryland state business relief efforts in response to the COVID-19 emergency. This page provides an overview of the currently available loan and grant programs created to provide relief to businesses affected by the emergency. If you would like to discuss any of these programs, please contact Jeremy Garner, Mark Jensen, William McComas, or Stephen Demos.
SBA Coronavirus Disaster Assistance Loans
The SBA is making loans of up to $2MM available to Maryland businesses, for payment of fixed debts, payroll, accounts payable, and other bills businesses are unable to pay due to the coronavirus emergency’s impact. The interest rates for loans are 3.75% on loans to for-profit businesses and 2.75% on loans to non-profits. The repayment term can be up to 30 years, determined on a case-by-case basis.
Maryland Small Business COVID-19 Emergency Relief Loans
Maryland has established a fund for loans up to $50,000 to Maryland businesses with fewer than 50 employees. Applicants must demonstrate they have suffered adverse impact from the COVID-19 emergency. Funds can be used for payroll expenses, rent, mortgage payments, utility expenses, or other ordinary operating expenses. The repayment term is three years, with all payments deferred during the first year and then amortized over the remainder of the term. Interest rates are 0% for the first year and 2% for the remainder of the year.
Maryland Small Business COVID-19 Emergency Relief Grants
Maryland has also established a fund for grants up to $10,000 to Maryland businesses and non-profits with 50 or fewer employees. As with the COVID-19 Emergency Relief Loans, applicants must demonstrate they have suffered adverse impact from the COVID-19 emergency.
Maryland COVID-19 Emergency Relief Manufacturing Fund
This fund is intended to help Maryland manufacturers produce personal protective equipment for use by hospitals and health-care workers across the country. The parameters of the program are not yet available, but the Maryland Department of Commerce expects to make details available by March 27.