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Maryland COVID-19 Layoff Aversion Fund

What Is it For?
Are you facing layoffs because your employees can’t come to work? Could they work remotely? Do you have a creative idea to reduce or eliminate the need for layoff at your company?

Financial Aid:
Up to $50,000 per applicant is available, customizable to the specific needs of your business.

Examples include, but are not limited to:

  • Could your employees work from home, if you had the right equipment (computers, phones, software)?

    • If they can work remotely, grant money from the State can support this. State that without the equipment, you would have to lay off your staff. Funds from the State could avoid layoffs.

  • Could your employees take continuing education/certification programs?

    • Make the case why these programs would increase employee skillsets, making them a valuable asset to the company and less likely a candidate for layoff.

  • Do they need to work on-site, but you can’t afford the daily deep-cleaning necessary to keep them safe?

    • Explain to the State that if you had funds to support the deep cleaning, it would allow your workers to continue to work and would foster a safer work environment.

  • Do you own a restaurant?

    • Ask the State to help pay for liability insurance while you convert to delivery- or takeout-only under emergency circumstances.

Maryland Small Business COVID-19 Emergency Relief Loan Fund

What It Is For?
Loan assistance intended to provide interim relief complementing actions with its bank, business interruption insurance, and financial partners.

Financial Aid:
Loans up to $50,000 (not to exceed three months of cash operating expenses) open to Maryland businesses impacted by the COVID-19 with fewer than 50 employees.

Terms:
0% for the first 12 months, and 2% for the remaining 36 months

Information Needed:

  • Must have employees

  • Two years of historical financial statements

  • Six-month pro forma estimated loss revenue or other documented loss

  • Minimum personal credit score: 575

  • No collateral requirements

Eligible Uses:
Working Capital to Support Payroll Expenses, Rent, Mortgage Payments, Utility Expenses, or other similar expenses that occur in the ordinary course of operations.

Businesses must demonstrate financial stress or disrupted operations, which may include but are not limited to:

  • Notices from tenants closing operating and not paying rent caused by loss of income

  • Notices of inability to pay rent/mortgage due to reduced sales, suspended operations

  • Increased cost related to COVID-19 prevention measures

  • Notice of disrupted supply network leading to shortage of critical inventory or materials

  • Other circumstances subject to review on a case by case basis

Maryland Small Business COVID-19 Emergency Relief Grant Fund

Financial Aid:
Grants up to $10,000 not exceed 3 months of cash operating expenses for Maryland businesses and nonprofits impacted by the COVID-19 with 50 or fewer employees

Information Needed:
- Must have employees
- Annual Revenues of the business not to exceed $5 million per financials
- Business is expected to seek longer term funding through bank/SBA

Eligible uses:
Working Capital to Support Payroll Expenses, Rent, Mortgage Payments, Utility Expenses, or other similar expenses that occur in the ordinary course of operations.

Businesses must demonstrate financial stress or disrupted operations, which may include but are not limited to:

  • Notices from tenants closing operating and not paying rent caused by loss of income

  • Notices of inability to pay rent/mortgage due to reduced sales, suspended operations

  • Increased cost related to COVID-19 prevention measures

  • Notice of disrupted supply network leading to shortage of critical inventory or materials

  • Other circumstances subject to review on a case by case basis

Maryland COVID-19 Emergency Relief Manufacturing Fund

This $5 million incentive program helps Maryland manufacturers to produce personal protective equipment (PPE) that is urgently needed by hospitals and health-care workers across the country.

More details are expected to be announced by Friday, March 27, 2020.