Below is a listing of some of the COVID Assistance Resources available.

GRANTS

The Barstool GRANT Fund

  • Have raised over $27 million to support small businesses in need of help due to Covid.
  • For more information, click here.
  • To apply, click here.

BGE Energizing Small Business GRANT – Launches 1.20.2021

  • BGE is pledging $15 million to assist Maryland’s small businesses with Covid-19 relief and recovery.  Eligible small businesses can receive up to $20,000.
  • For more information, click here.
  • Eligibility requirements:
    • For-profit business
    • Existing BGE customer in good standing
    • Must have between 2 – 25 employees
    • Annual gross revenues in 2020 of less than $7 million
    • Demonstrated need of funding to support business and serve customers
    • Preference given to minority-owned and women-owned businesses
    • For full eligibility requirements, see the terms and conditions
  • Application timeline: Will be held in three (3) rounds. Grant recipients will be selected via a panel and recipients will be notified within 30 days of each Round’s close.
    • Round 1 opens January 20 and closes March 3
    • Round 2 opens May 5 and closes June 16
    • Round 3 opens September 1 and closes October 13

The Shuttered Venue Operators (SVO)  GRANT Program – Not open yet

  • Provides $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.
  • Not yet accepting applications.
  • For more information, click here.

DHCD Maryland Strong Economic Recovery Initiative (MD-SERI) – Main Street

  • Eligibility: Eligible businesses must have a physical storefront within Federal Hill Main Street’s geography, and must be in good standing with the Department of Assessments and Taxation.
  • Application Process: Once the State announces what level of funding will be awarded to each City Main Street, Federal Hill Main Street will open the application process for a finite amount of time. Each eligible Federal Hill business will be encouraged to submit a grant application to Federal Hill Main Street. All applications will be reviewed, and awards announced.
  • Eligible Uses of Funds: Include salary support, rent relief, partial compensation for 3rd party vendor delivery platforms, marketing support, and assistance with costs related to capital improvements and/or operating expenses for businesses to continue to safely operate, expand operations and/or adapt their business model to respond to changes due to Covid 19 restrictions and prevention.

LOANS

Paycheck Protection Program (PPP)

SBA Covid 19 Economic Injury Disaster Loans

  • In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19).
  • Usage:  To cover financial obligations and operating expenses that could have been met had the pandemic not occurred.  For working capital and normal operating expenses, including rent, utilities, fixed debt payments, health care benefits.
  • For more information, click here or here.

SBA Express Bridge Loans

  • Enables small businesses that already have a business relationship with an SBA Express Lender to access up to $25,000 quickly.   These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
  • For more information, click here, or here.

SBA 7(a), 504, and Microloans

  • As part of 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 Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance.
  • For more information, click here, or here.

Disaster Home and Business Loans – For current SBA Serviced Disaster (Home and Business Loans)

  • If your loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through March 31, 2021.
  • For more information, click here, or here.

Maryland Economic Adjustment Fund (MEAF)

  • MEAF provides loans of up to $150,000 for small and underserved businesses with fewer than 50 employees. Eligible businesses include manufacturers, wholesalers, retail, technology firms, service companies and skilled trades. Funds can be used for working capital, equipment, building renovation, real estate acquisition and site improvements. Funding assistance through MEAF is available to small businesses in all regions of the state.
  • For more information, click here, or here.

Maryland Small Business Development Financing Authority (MSBDFA) Covid-19 Emergency Relief Loan Fund

  • Beginning July 20, 2000, this MSBDFA Fund provides emergency financial relief to businesses that have experienced economic hardship due to the COVID-19 pandemic crisis with low interest rates and low documentation loans to eligible Maryland businesses. Five-year term loans ranging from $25,000 to $200,000 will be available with an interest rate of 0% for the first 12 months and 2% for the remaining term of the loan.
  • For more information, click here.

The Small Business Relief Tax Credit

  • The Small Business Relief Tax Credit is a refundable tax credit available to small businesses that provide their employees with paid sick and safe leave.  Small businesses may claim a refundable tax credit for the accrued paid sick and safe leave for each employee earning paid sick and safe leave up to $500 per employee, or $7,000 per small business.
  • For more information, click here.

Baltimore Development Corporation (BDC): The Baltimore Micro Loan Fund

  • The Baltimore Micro Loan Fund provides existing and start-up small businesses with financing for working capital, furniture, fixtures, machinery, and equipment. The loans are for amounts between $5,000 to $30,000, with the objective of stimulating employment, assisting small businesses in obtaining fixed-rate financing, and to encourage private sector investment in Baltimore City. Applicants must be one of the following for-profit entities: sole proprietor, partnership, corporation, or LLC.
  • For more information, contact:  Info@BaltimoreDevelopment.com or call 410.837.9305

Baltimore Development Corporation (BDC): Serves as Manager of Maryland’s Small, Minority and Women-Owned Business Loan Fund

  • This fund receives a percentage of Video Lottery Terminal (VLT) revenue from Maryland Casinos.  The VLT loan funds are specifically targeted for small, minority and women-owned businesses located within 10 miles of an open casino site. Businesses may be eligible for loans between $30,000 to $300,000 for purposes such as business acquisition, commercial real estate acquisition, the purchase of furniture, fixtures and equipment, leasehold improvements, and working capital.
  • For more information, contact:  info@BaltimoreDevelopment.com or call 410.837.9305.

Maryland Business Relief Wizard – A Tool to Identify Funding Sources for Your Business

  • There are numerous local and national programs for businesses in need of emergency support, but understanding which options are relevant for your organization can be a challenge.
  • 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.
  • Provides information to understand your level of eligibility for the following programs:
    • Maryland Emergency Support Programs
    • Federal Cares Act Programs
    • Other Sources of Emergency Support
  • To access the online tool to identify resources you’re eligible for, click here.

 

If you have questions, please contact Cathy@FedHill.org or 443.904.4861.  Thank You.

Be safe.  Be well.
We’re all in this together!

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