We know you have a lot of questions. Your existing bank is the best place for you to start. But here is what we know*:
Maryland Small Business COVID-19 Emergency Relief Loan Fund
This $75 million loan fund offers working capital to assist Maryland for-profit small businesses disrupted operations due to COVID-19 by offering a 0% interest rate and no interest or principal payments due for the first 12 months, then converts to a 24-month term loan having a 2% interest rate, thereafter. Loan assistance is intended to provide interim relief complementing actions with its bank, business interruption insurance, and financial partners. Loan amounts up to $50,000 with low-interest rates are available.
- Eligible applicants include Maryland for-profit businesses impacted by COVID-19 with fewer than 50 employees.
- Eligible uses include working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of operations.