Financial Assistance

Maryland Business Relief Wizard

CLICK HERE

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.


Reminder

If your farm or business received a Jump Start Business Grant in June or July 2020, your business must file an Expense Substantiation Form per the terms of the agreement.

Click Here for Instructions

If you would prefer to mail your Expense Substantiation Form, please send it to the following address:

Frederick County Government
Finance Division
12 East Church Street
Frederick, MD  21701


Comcast has committed to a multiyear plan to fight injustice and inequality. As part of this commitment from Chairman and CEO, Brian Roberts, Comcast is allocating substantial resources to help small businesses. Small businesses are core to who we are, and we know that businesses owned by Black, Indigenous, and People of Color (BIPOC) have been impacted at a higher rate this year.

With that in mind, Comcast developed Comcast RISE – a program that stands for Representation, Investment, Strength and Empowerment. It is initially available for Black small business owners, and beginning November 28, 2020, all 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 monthsComcast will be awarding grants of up to $10,000.

Please use this link for details on the selection criteria and to apply.


PPP Tax Implications

IMPORTANT  REMINDER – As a PPP borrower – and with 2020 tax preparation season now in swing - our Maryland SBDC Financial Specialists Team want to remind you about tax implications related to PPP forgiveness.  Per IRS Notice 2020-32 , expenses paid using FORGIVEN PPP funds are NOT tax-deductible expenses.  This means that if your application for forgiveness is APPROVED in 2020, the expenses you paid with those “forgiven” PPP funds WILL NOT be deductible on your 2020 tax return.  This could have significant “2020 income tax due” implications when you file the return.  If you delay the “Forgiveness” request/get approval until 2021, that would allow time for tax planning related to the 2021 tax filing when those “forgiven” related expenses still cannot be deducted.

STEPS TO TAKE:  We encourage you to connect ASAP with your tax preparer to consider strategies and options.  Certainly, if you have any questions or want additional insights, please feel free to contact your Maryland SBDC Business Consultant, go to our www.marylandsbdc.org website to get connected with a Consultant and/or refer to our COVID19 Small Business Survival Guide


City of Frederick Back in Business Conditional Microgrant

https://www.businessinfrederick.com/240/Back-In-Business-Conditional-Microgrant


Governor Hogan is allocating $50 million to the Maryland Nonprofit Recovery Initiative (NORI) to assist nonprofit organizations whose critical operations have been financially impacted by COVID-19 and state-of-emergency.

ROUND II DHCD-NORI APPLICATION - Apply Now

Round II Notice of Funding Availability with more information is posted below. Email questions to dhcd.nonprofitsrecovery@maryland.gov


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. 


U.S. Chamber Guidance on PPP Forgiveness:

Step-by- step guidelines designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.

The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses. While applying for forgiveness may still seem overwhelming - even with this simper form - the EZ form requires fewer calculations and less documentation. Join NFIB’s weekly webinar with Beth Milito and Holly Wade as they walk through the EZ form together and answer frequently asked questions.

The new PPP loan forgiveness applications reflect changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, P.L. 116-142, which became law June 5. The applications and instructions are available in the links below:

Revised PPP Loan Forgiveness Application
EZ PPP Loan Forgiveness Application

PPP Loan Forgiveness Calculator

https://coastapp.com/ppp-forgiveness/


Employee Retention Tax Credit:

This refundable tax credit is also available to companies that are NOT participating in the PPP.  More information here


City of Frederick COVID-19 Relief Grant Application

The COVID-19 Relief Grant will provide grants to nonprofit and other non-governmental civic organizations whose mission is to provide support to children who are 18 or younger and /or served by Frederick County Public Schools. Funds appropriated shall be used to promote the general welfare of children who reside in the City. Grants awards will not exceed $10,000.00 each and may be awarded to an organization only one time. Grants are contingent on funding availability.

https://www.cityoffrederickmd.gov/FormCenter/Mayors-Office-30/COVID19-Relief-Grant-120


EIDL – re-opened to all business types 

The SBA EIDL low interest rate loan is still available. Through 8/24 the SBA had made 3.5M loans nationwide totalling  $188B

In Maryland they made  64,000 loans totalling $3.3B  for an average loan value of  $51,500. The link to apply is https://covid19relief.sba.gov/#/  The program has recently been expanded to include agricultural businesses with less than 500 employees


SBA Debt Relief for 7(a), 504, and Micro-loan Borrowers:

As part of its coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Micro-loans in regular servicing status, as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. Details here.


Check the Status of Your Maryland COVID-19 Loan/Grant

All businesses that have submitted an application for the Maryland Small Business COVID-19 Emergency Relief Loan/Grant can now check the status of that application by signing up for a Maryland OneStop account through the Maryland OneStop Portal.

Please be sure to use the same email address that was used in your original application. This does not offer updates on federal loan applications.

https://onestop.md.gov/users/sign_up


Main Street Lending Program 

This program offers generally larger loans to small and medium sized businesses based on their 2019 EBIDTA. Minimum loan size is $250,000. Check with your current bank or PPP lender to see if they are participating.

More information is available here.https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm


U.S. Chamber of Commerce Foundation – Save Small Business Fund

The U.S. Chamber of Commerce Foundation announced that they will be awarding $5,000 grants through the Save Small Business Fund. Applicants must have between 3 and 20 employees and be located in an economically vulnerable community which can be easily searched by zip code on their website.  Applications open April 20th.  Learn all the details here.


The Ogden Newspapers Community Marketing Grant

Ogden Newspapers has established a $1,000,000 grant fund to assist locally owned businesses with marketing during this challenging situation. 

https://www.ogdennews.com/community-grant/


MARBIDCO Pandemic Adjustment Loan Fund Program  

Eligible farms and rural businesses can apply for loans up to $3,000 in working capital and up to $10,000 for equipment purchases at low interest rates with flexible terms.

http://www.marbidco.org/_pages/programs_loans/loan_programs_palpf_1.htm


City of Brunswick Small Business Sustainability Micro-Grant

The City of Brunswick, Maryland Economic Development Commission has created a micro-grant program to support existing businesses impacted from the COVID-19 outbreak.  No match component is required of businesses. This micro-grant is a one-time award of $1,000.00 with no repayment due. The City has allocated $30,000 in total funding for this program. At this time, nonprofits, churches, home-based businesses, banks/ financial institutions, investment real-estate entities, food trucks, and government agencies may not apply.

https://brunswickmd.gov/index.asp?SEC=1E8D2CA7-12FA-481D-BCDD-AD5BCEC74C0D&Type=B_BASIC


Maryland Restaurant Relief Fund

Up to $2,500 in grants to as many qualifying grantees as possible to help support the Maryland restaurant industry in need of financial assistance during this time. 

https://corecares.org/maryland-restaurant-relief-fund/


Manning Media 

Free Business Directory to be hosted on Manning Media, Inc. website and promoted for Free on all Manning Media radio stations and social media pages.  To add your business click here.