We know you have a lot of questions. Your existing bank is the best place for you to start. While we’re still working on getting all the answers for our customers, here’s what we know:


Federal SBA Programs*

Paycheck Protection Program (PPP)

This program will provide cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. PPP has a host of attractive features, such as forgiveness of up to 24 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020, and June 30, 2020. Loans are available through August 8, 2020. 

PPP Loan Forgiveness

Howard Bank is now accepting forgiveness applications.  As a client who received a Paycheck Protection Program (PPP) loan through Howard Bank, we will accept Forgiveness Applications using an online portal that provides step-by-step instructions for making your application for Forgiveness.  Each Borrower will receive an email invitation to the Howard Bank Forgiveness Portal, including a unique link to your PPP information, to securely complete your application and upload supporting documentation. 

We encourage you to review the most up to date information on documentation requirements and legislative changes on the SBA and Treasury websites. We are committed to keeping you informed and look forward to assisting you throughout the process.


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Economic Injury Disaster Loans (EIDL)

SBA’s Economic Injury Disaster Loans (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses, and most private non-profit organizations. The EDIL program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. 

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Economic Injury Disaster Emergency Economic Injury Grants

These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 after applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance and may be used to keep employees on the payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions or pay business obligations, including debts, rent, and mortgage payments. 

  • 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.
     

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Maryland State Programs**

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.
     

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Maryland Small Business COVID-19 Emergency Relief Grant Fund

This COVID-19 Emergency Relief $50 million Grant Fund offers working capital to assist Maryland small businesses and nonprofits with disrupted operations due to COVID-19. Grant assistance is intended to provide interim relief complementing actions with its bank, business interruption insurance, and financial partners. 

  • $50 million grant program with grants for up to $10,000 for eligible applicants.
  • Eligible applicants include Maryland businesses and nonprofits impacted by the COVID-19 with fewer than 50 employees.
     

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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. 

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Anne Arundel Economic Development Corporation Small Business Customer & Employee Protection Grant

The Small Business Customer & Employee Protection Grant Program(CEP) aims to help Anne Arundel County small businesses pivot and compete in the COVID-19 economy. With this funding support, businesses can implement changes to comply with regulations, enact safe and healthy best practices and maximize sales and customer engagement opportunities. Businesses can apply for a grant of up to $10,000 to cover specific COVID-19-related purchases.

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*All information as of 4/2/2020 at 11:00 AM. Due to the dynamic nature of these SBA programs, we encourage you to visit www.SBA.gov for the most current information.
**All information as of 4/2/2020 at 11:00 AM. Due to the dynamic nature of these SBA programs, we encourage you to visit www.Commerce.Maryland.gov for the most current information.