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RESOURCES - Alternatives to the Maryland COVID-19 Emergency Relief Grant Fund

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The following information has been provided by the Maryland Department of Commerce (April 4, 2020)

One of the eligibility requirements to participate in Maryland's COVID-19 Small Business Relief Programs is the following:

"Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees)."

We understand that not everyone may qualify for the new state programs targeted towards small businesses impacted by the Coronavirus. In this case, we urge individuals and businesses to contact their local banks, mortgage servicer, credit unions, or the U.S. Small Business Administration (SBA) for assistance. Please note to be prepared for these discussions by knowing what you need, any and all supporting detail on how your business is being impacted, and having two years of tax returns to help the conversation move forward.

With the passage of the federal CARES Act, an additional $10 billion has been added to the SBAís Emergency Injury Disaster Loan (EIDL) program, which provides low-interest loans to companies affected by the outbreak. With the expansion, these loans are now available to tribal businesses, cooperatives, ESOPís, individual contractors, sole proprietors, and private non-profits with less than 500 employees. You can apply directly to the SBA for financial assistance at this link. [Webmaster Note: for a more direct link to the COVID-19 Economic Injury Disaster Loan Application, click here ].

Additionally, when applying, applicants can also request an emergency $10,000 advance from SBA. This advance may be available even if your EIDL application was declined or is still pending, and will be forgiven. For more information about Marylandís designation, click here. Due to high volume on their website, SBA is also accepting applications through email and fax. Download the applications online. [Webmaster Note: the original link was broken -- this is a substitute link received from SBA]. You can email them to or fax to 202-481-1505.

Also under the CARES Act, $350 billion will be used to establish the Paycheck Protection Program (PPP), which provides loan guarantees to small businesses to assist with payroll costs for workers who are forced to stay home. A Q&A from the U.S. Senate Committee on Small Business and Entrepreneurship can be found here. Additional information from the U.S. Department of the Treasury can be found here, or you can read a recap about the latest federal resources.

There are additional state programs and resources that we recommend small businesses look into, including the Small, Minority and Women-Owned Business Account, which is managed by several fund managers in different counties around the state; the Maryland Small Business Development Financing Authority, which helps provide financing to businesses that might not otherwise be able to obtain financing; and the Neighborhood BusinessWorks program, which provides flexible financing to small businesses. 

I know this is a difficult and frustrating time, but we are still here to support our businesses. For additional information, including health protocols, financial assistance, unemployment insurance, and more, check our Coronavirus (COVID-19) Information for Businesses webpage for the latest information and guidance. This site will be updated frequently as new information becomes available. It includes an FAQ that will also be updated regularly.

Thank you, Maryland Department of Commerce


Maryland Charter Boat Association, Inc.
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