The State of Maryland is coming to the aid of its small businesses and manufacturers that have been impacted by the COVID-19 pandemic. The State has authorized $130 million to be used for loans and grants to help those negatively affected.
Maryland Small Business COVID-19 Emergency Relief Loan Fund
For for-profit businesses in the state that are in need of financial relief, Maryland is offering a $75 million fund. Loans through the Emergency Relief Loan Fund will have no principal or interest payments due for the first 12 months. After that time it will convert to a 36-month loan at 2% interest.
Full details of the loan can be found here: https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-loan-fund
Maryland Small Business COVID-19 Emergency Relief Grant Fund
The Emergency Relief Grant Fund is a $50 million grant program for businesses and non-profits with 50 or less employees. It offers grants of up to $10,000. These grants cannot exceed 3 months of operating expenses and the entity must be in good standing with the State of Maryland.
Full details of the grant can be found here: https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-grant-fund
Maryland COVID-19 Emergency Relief Manufacturing Fund
The Emergency Relief Manufacturing Fund is a $5 million program to incentivize Maryland manufacturers to produce personal protective equipment such as masks and gloves that are desperately needed across the country. The grants are available up to $100,000 and are targeted to those companies that can increase the amount they are already producing or are able to quickly change what they’re producing.
Full details of the fund and a complete list of those Critical Needs Items identified by MEMA and DGS can be found here: https://commerce.maryland.gov/fund/maryland-covid-19-emergency-relief-manufacturing-fund