Maryland Business Relief Wizard
The Maryland Business Relief Wizard is a tool that helps connect businesses with the resources and programming for which they’re eligible, streamlining the process of finding support.
Economic Injury Disaster Loan: The SBA is increasing the maximum amount of EIDL funding a business can get from six months of working capital capped at $150,000 to 24 months of working capital capped at $500,000.
Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.
Maryland Department of Commerce Grant: The Commerce Department will be running a number of different grant programs in the coming weeks. The first, the COVID-19 RELIEF Grant Program is set to open (3/30/21) at 9:00 AM and the grant program is first come first serve so it is very important that applications be submitted as quickly as possible.
Targeted EIDL Advance Mapping Tool:
A new mapping tool is available to assist businesses in determining if they are located in an eligible area to qualify for a Targeted EIDL Advance. Learn more here and visit the updated FAQs for more information.
Emergency Grant Applications Now Open!
With the passage of the RELIEF Act of 2021 by the Maryland General Assembly, MSAC will distribute $5 million through its Emergency Grant Program. Created in March 2020 in response to the COVID-19 State of Emergency, Emergency Grants provide funding to arts organizations and artists for losses sustained because of programming, operations, and events that have been modified or cancelled.
Fraud Alert from SBA:
Bad actors are sending phishing emails posing as SBA, World Trade Finance company, and various companies. They are asking business owners to apply for a Paycheck Protection Program loan. Some email links lead to data collection sites related to “PPP 2021 Data Collection Form” or “PPP 2021 Approved”. Disclosing personal information on these sites could lead to information loss and identity theft.
Any email from SBA will use the @sba.gov handle. Loan applicants who receive email correspondence asking for sensitive information are cautioned to verify that any application numbers referenced in the email are consistent with recipient's actual application number.
RUBRIC was created to assist Maryland's technology companies that have been detrimentally impacted by the COVID-19 pandemic and associated economic downturn. TEDCO will make awards of up to $100K through the RUBRIC program to help bridge companies across the economic downturn associated with the COVID-19 pandemic.
Initially available for Black small business owners, and beginning November 28, 2020, all Black, Indigenous, and People of Color (BIPOC) small business owners will be eligible to apply. In addition, all small businesses are able to sign up for free marketing insights and resources. In the future, the program aims to expand to other small business owners.
Comcast RISE offers marketing and technology makeovers, which may include media placements, marketing consultations, commercial creative production services, or technology services such as computer equipment, internet, voice and cybersecurity from Effectv, the advertising sales division of Comcast Cable, and Comcast Business, Comcast’s cable provider to small and mid-size businesses. And, in the coming months, Comcast will be awarding grants of up to $10,000.
Please use this link for details on the selection criteria and to apply.
SDAT's new online capabilities with regard to Good Standing status:
The Department has created a new Good Standing Checklist for business owners to proactively determine whether or not their business is in Good Standing with SDAT, and instruct them how to correct any deficiencies. SDAT strongly encourages all business owners to confirm now whether or not their business is in Good Standing by looking it up on SDAT’s free on-line search. The Department also encourages business owners to sign up to receive updates and timely email reminders to file these important documents.
Fake “2020 Certificate of Good Standing Request” Letter. The Office of the Attorney General has been alerted that businesses in Maryland are receiving a letter entitled “2020 Certificate of Good Standing Request Form” that requests a fee in exchange for a letter of good standing with an “official seal of the Secretary of State.” This letter is a SCAM.
4 steps to applying for Paycheck Protection Program loan forgiveness:
Contact your lender and complete the correct form (i.e. SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent)
Compile your documentation (e.g. bank account statements, payment receipts, business mortgage interest payments, etc.)
Submit the forgiveness form and documentation to your lender
Communicate with your lender throughout the process
Visit the SBA website for more information.