Maryland: Small Business COVID-19 Emergency Relief Fund Programs for Businesses
Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been negatively impacted by the Coronavirus (COVID-19). This emergency assistance provides interim relief and proceeds that can be used to pay cash operating expenses including payroll, suppliers, rent, fixed debt payments and other mission critical cash operating costs.
If you are a Maryland-based business affected by the Coronavirus with less than 50 full-time and part-time employees, or a Maryland manufacturer, review the programs listed below to see if you qualify for assistance from the State of Maryland. A list of Maryland COVID-19 Emergency Relief Fund Program FAQ can be found here.
- Maryland Small Business COVID-19 Emergency Relief Loan Fund: This $75 million loan fund (for for-profit businesses only) offers no interest or principal payments due for the first 12 months, then converts to a 36-month term loan of principal and interest payments, with an interest rate at 2% per annum. Visit the State of Maryland’s website on the Relief Loan Fund to learn more.
- Maryland Small Business COVID-19 Emergency Relief Grant Fund: This $50 million grant program for businesses and non-profits offers grant amounts up to $10,000, not to exceed 3 months of demonstrated cash operating expenses for the first quarter of 2020. Visit the State of Maryland’s website on the Grant Fund to learn more.
- 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. Visit the State of Maryland’s website on the Relief Manufacturing Fund to learn more.
Visit our Economic Resources and Relief Guide to review nationwide and statewide opportunities for businesses, non-profits, and individuals.