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.
Maryland Department of Labor
- Layoff Aversion Fund – $7 million fund will be flexible, including being used for liability insurance to change businesses models, to help employees telework, or clean their facilities. Applications should receive a response within two days. Upon approval and receipt of the signed contract, payment will be expedited. Submit your application to LaborCOVID19.layoffaversion@maryland.gov. Learn more. Printable version of key info for small business support.
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)
- Economic Injury Disaster Loan Assistance – Low-interest loans to companies affected by the outbreak. The 3-step process provides information on what financial documents you’ll need to have a complete application. Go here to apply. Visit SBA’s website for more info.
- General SBA guidance for businesses can be found here. If you need additional help navigating the SBA process, Maryland SBDC, Prince George’s County Economic Development Corporation, and Prince George’s County Chamber of Commerce are available to help.
Tax Relief
- Maryland business and individual income taxpayers will be given a 90-day extension for tax payments. No interest or penalty for late payments will be imposed if 2019 tax payments are made by July 15, 2020. See 90-day extension for tax payments for more information, or reach out to taxpayerrelief@marylandtaxes.gov with questions.
- Comptroller Franchot Extended Business-related Tax Filing Deadlines to June 1. Get additional information regarding business tax returns – including sales and use tax, alcohol tax, etc. – and income tax extensions.
- Businesses who paid their Maryland Sales & Use Taxes for March early may request a refund of their payment. Email taxpayerrelief@marylandtaxes.gov or call 410-260-4020.
- Taxpayers who have set up a payment through their own online banking services will need to stop that transaction through their banks. Taxpayers who have scheduled a payment through the Comptroller’s iFIle or bFile can request to have a debit from their account stopped as long as it is at least 3 days prior to the scheduled payment date. If taxpayers have individual requests for assistance, they should contact Taxpayer Services at 410-260-7980 or via email at taxhelp@marylandtaxes.gov.
- Federal Tax Filing Deadline – July 15. Learn more.
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.
