Maryland State Financial Relief for Businesses – What Is Out There and Do You Qualify? March 23, 2020 These are challenging and unprecedented times. The staff at KatzAbosch is committed to guiding our clients through this crisis and providing as much information as we can. Please note that information is changing rapidly. Always consult your KatzAbosch representative or our website’s COVID-19 resource center for the most recent information. We also encourage you to review Maryland state’s unemployment laws and consult with legal counsel. Programs Available to Maryland Businesses Governor Hogan announced various programs and grants for business relief available via the Department of Commerce and the Department of Labor. We hope this summary of programs helps to clarify what is out there and if your business qualifies. Economic Injury Disaster Loan Program Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). You can find more information on the SBA’s Economic Injury Disaster Loans by visiting their website and by viewing this PDF which outlines and highlights details about the program. COVID-19 Layoff Aversion Fund This fund is designed to support businesses undergoing economic stresses and to minimize the duration of unemployment resulting from layoffs. The award is up to $50,000 per applicant. Each applicant must demonstrate the need for layoff aversion funds. Labor is accepting grant applications from small businesses for awards from now through 30 days after the State of Emergency ends (subject to funding availability). More information on the COVID-19 Layoff Aversion Fund is available on their website. Maryland Small Business COVID-19 Emergency Relief Loan Fund This is a $75 Million dollar loan fund that will offer no interest or principal payments for the first 12 months and then converts to a 36-month term loan with an interest rate of 2%. The business must have 50 or fewer employees that have been established before March 9, 2020, and in good standing. To view more details on the MD Small Business COVID-19 Emergency Relief Loan Fund, please visit their website. Maryland Small Business COVID-19 Emergency Relief Grant Fund This grant is available to Maryland small businesses and non-profits. It is a grant of up to $10,000 not to exceed 3 months of cash operating expenses for Maryland businesses and nonprofits impacted by COVID-19. The business must have 50 or fewer employees that have been established before March 9, 2020, and annual revenues of less than $5 Million. To view more details about the MD Small Business COVID-19 Emergency Relief Grant Fund, please visit their website. Maryland COVID-19 Emergency Relief Manufacturing Fund This is a $5 million dollar incentive program for Maryland manufacturers to produce personal protective equipment that is urgently needed. More details are expected to be announced by Friday, March 27, 2020. Be sure to check out the Maryland Department of Commerce website for updates. If you are interested in the above-mentioned programs, please reach out to your KatzAbosch representative or contact us. We will talk you through any further questions you may have and if necessary put you in contact with the appropriate lender for your area. About KatzAbosch: Founded in 1969, KatzAbosch is one of the largest CPA and business consulting services in the Mid-Atlantic region. As an accounting firm, our mission is to provide the highest quality accounting, tax, financial and management consulting services to our regional clients. We understand the needs and challenges of our clients and we have made it our obligation to create, grow and protect asset value. KatzAbosch is consistently named a Best Accounting Firm to Work For in Accounting Today and has been named a Top 200 Accounting Firms in the Nation by Inside Public Accounting. Our firm is also ranked among the Top 15 Largest Accounting Firms in the Baltimore Area by the Baltimore Business Journal and a Top Workplace four times by The Baltimore Sun.