Funding & Incentives Maryland Small Enterprise COVID-19 Emergency Reduction Grant

NOTE: As of October 22, Governor Hogan has introduced a brand new $250 million aid package deal for companies all through Maryland. Whereas further funding has been allotted to the COVID-19 Emergency Reduction Grant Fund, we aren’t accepting new grant functions and can proceed to distribute funds on a first-come, first-served foundation based mostly on the functions now we have already obtained.  Click on right here for extra data. 

We encourage companies all through Maryland to proceed exploring different types of help, reminiscent of federal and native packages. Go to our often up to date Maryland Coronavirus (COVID-19) Info for Enterprise web page to find out about COVID-19 assets and monetary help packages. For extra data on federal assets, learn the Small Enterprise Proprietor’s information to the CARES Act, or discover extra particulars from the U.S. Division of the Treasury.

PROGRAM OVERVIEW

This COVID-19 Emergency Reduction $50M Grant Fund gives working capital to help Maryland small companies and nonprofits with disrupted operations because of COVID-19. Grant help is meant to offer interim aid complementing actions with its financial institution, enterprise interruption insurance coverage, and monetary companions.

GENERAL TERMS AND CONDITIONS

  • Grants as much as $10,000 to not exceed 3 months of money working bills for Maryland companies and nonprofits impacted by the COVID-19 with 50 or fewer staff.
  • Have to be established previous to March 9, 2020.
  • Enterprise have to be in good standing.
  • Candidates will need to have staff on their payroll for whom they’ve had payroll taxes withheld (i.e. W-2 staff).
  • Annual Revenues of the enterprise or nonprofit to not exceed $5 million as evidenced by Monetary Assertion or different monetary documentation.
  • Enterprise or nonprofit is anticipated to hunt long run funding by way of its financial institution, SBA, or different supply.
  • Eligible makes use of embrace: working capital to assist payroll bills, hire, mortgage funds, utility bills, or different related bills that happen within the strange course of operations.

The enterprise or nonprofit should display monetary stress or disrupted operations, which can embrace however aren’t restricted to:

  • Notices from tenants closing operations and never paying hire brought on by lack of revenue.
  • Discover of incapacity to make mortgage funds because of lowered gross sales, suspended operations.
  • Elevated value associated to COVID-19 prevention measures.
  • Discover of disrupted provide community resulting in scarcity of crucial stock or supplies.
  • Different circumstances topic to assessment on a case by case foundation.

RESOURCES

CONTACT

For extra details about this COVID-19 grant fund, ship an electronic mail to the Commerce COVID-19 Staff Help at [email protected]

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