Below you’ll find our Maryland Edition of our COVID-19 Financial Guidance for Employers Across the DC, Maryland, and Virginia region.

We are here to help employers across DMV with their financial strategy.

Please don’t hesitate to schedule time with us so we can best advise you on what is the best financial actions we can take to assist your business. Below you’ll find a Maryland-specific summary of the available funding, tax relief, and more. DC-specific and VA-specific editions will be released later this week or as more info becomes available. Let us know how else we can be of support.

Maryland Department of Labor

Maryland Department of Commerce

  • Small Business Emergency Relief Loan – $75 million loan fund offers up to $50,000 for organizations with up to 50 employees with zero-interest loans for a limited time. 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. Learn more.
  • Small Business Emergency Relief Grant – $50 million grant program offers grant amounts up to $10,000 for organizations with less than 50 employees for payroll expenses, mortgage payments, and utilities. Not to exceed 3 months of demonstrated cash operating expenses for the first quarter of 2020. Learn more.
  • Emergency Relief Manufacturing – $5 million incentive program helps Maryland manufacturers to produce personal protective equipment (face masks, ventilators, and other equipment) that is urgently needed by hospitals and health-care workers across the country. Email state officials at resource.mema@maryland.gov. More info expected Friday, March 27.

U.S. Small Business Administration (SBA)

Tax Relief

Additional Resources & Updates Available

We understand the whirlwind of resources and updates are enough to make heads spin. To help you stay informed and keep track of the numerous federal, state, and local government financial resources, we have curated key links and information that we would like to share with you. We’ve consolidated this PDF of resources where you’ll find some additional highlights tracking actions the government is taking to support small businesses across DC, Maryland, and Virginia.

Again, it is best to schedule time with us versus trying to call or email. Many businesses are in need right now and we are doing everything we can to assist as quickly as possible.

Maryland Banks, Credit Unions, & Financial Services

Financial institutions are operating under precautionary measures, with an increased focus on mobile, phone, and online services. If you anticipate having trouble making a loan payment, please notify your lender or loan servicing company as soon as possible to discuss your options. Early and regular communication is important. More information from the Maryland Bankers Association. And, view a list of credit unions operating in Maryland and their contact information.

Maryland Closes Non-Essential Companies

The order took effect at 5 p.m. on March 23, 2020, and does not include essential or critical industries as defined by the federal government: health care, law enforcement, emergency workers, food, energy, water, transportation, public works, communications, government, critical manufacturing, financial services, chemicals, and defense. Restaurant carry-outs, liquor stores, and daycare centers are among the businesses that can remain open. Big box stores will remain open, but local law enforcement will be there to help those retailers deal with crowd control.