The programs include grants and loans available immediately to Maryland businesses.

If you have a small business that is struggling due to COVID-19, help is on the way. Governor Larry Hogan has announced the authorization of $175 million in loans and grants to help small businesses weather the COVID-19 pandemic. A portion of the funds available include grants from a $50 million refill fund, with another $75 million available in loans. The funds may be used for payroll, building rents, and other operating costs. Another program called the COVID-19 Layoff Aversion Fund will help businesses buy remote access equipment and sanitation services.

These programs, developed in cooperation with the Maryland Department of Commerce, will help small businesses pay employees during the shutdown and also help them ramp back up after the closures end. The $50 million grant program is open to businesses and nonprofits with 50 or fewer employees. Eligible businesses can receive up to $10,000 for critical operating expenses. 

Governor Larry Hogan Mar. 23, 2020

Governor Larry Hogan announces the launch of $175 million dollar program to provide loans to small businesses on Mar. 23, 2020, courtesy Patrick Seibert

Another $75 million in loans will also be available to small businesses, up to a total of $50,000. The loan is interest and principal free for 12 months and then converts to a three-year term with a two percent interest rate. To view additional requirements and apply, visit the Department of Commerce website. The COVID-19 Layoff Fund will help businesses avoid layoffs by providing equipment and software so employees can work remotely. It also provides funds for cleaning and sanitizing.

In an effort to get more personal protective gear in the hands of first responders and health workers, the state of Maryland has added $5 million to a fund called the Maryland COVID-19 Emergency Relief Manufacturing Fund. Manufacturers of all sizes can apply and receive funds to make equipment like masks, shields, gowns, and gloves. Details about the program will be released on Friday, March 27, 2020.