Loans and Funding Sources

Covid-19 Funding Sources for Businesses

Federal Hill Main Street is committed to keeping you informed about funding support and programs to assist you during this pandemic.

Baltimore Together is a website Baltimore Development Corporation (BDC) created to provide information and resources for both residents and businesses that will be continuously updated as new information becomes available.  Learn More

Baltimore City Sources of Support

  • Baltimore City Covid-19 Small Business Assistance Initiative – https://www.baltimoretogether.com/
    • Small Business Assistance Fund: A $3.5 Million Fund to provide financial assistance to small businesses, including those located in Federal Hill Main Street/Fed Hill RBDL geography. PLEASE CONSIDER APPLYING FOR THIS!
    • Manufacturing and Procurement of Personal Protective Equipment (PPE): This $500,000 grant fund will support Baltimore makers and manufacturers producing PPE and for the City to purchase PPE from them for our first responders.
    • Neighborhood Business Reopening Initiative: This $1.5 Million initiative to support projects to reconfigure right of way and public spaces to encourage people to patronize local businesses while being consistent with public health best practices. More info to come.

Federal Support Programs

    • Paycheck Protection Program – Encourage you to apply!
      • The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Learn More
      • You must apply through a SBA approved lender – SBA Approved Lender List
      • Lendistry is an approved SBA lender, and we have received very good feedback from people that have applied through them. Apply Now
    • Unemployment Insurance
      • The Division of Unemployment Insurance’s website and call centers are currently experiencing an unprecedented volume of users due to COVID-19. This may result in long wait times. Learn More
      • On Friday, April 24, Labor will be launching a new, one-stop unemployment insurance application to allow Marylanders to file claims for all unemployment programs entirely online. This includes the Pandemic Unemployment Assistance program, the Pandemic Emergency Unemployment Compensation program, and those who were previously required to file by phone like federal employees, members of the military, individuals who have worked in multiple states, and those who have worked for more than 3 employers in the last 18 months. Learn More
    • Employee Retention Tax Credit – Can’t Apply if You Received PPP Funding
      • The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer’s employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS. Learn More

Free Webinars

Two Highly Recommended FREE Webinars: There is a lot of uncertainty around reopening retail, but you have to have a plan and you have to have hope. The two free webinars below are from Bob Phibbs, the Retail Doctor. The webinars will help you develop a plan for reopening as well as train your staff how to interact with customers in this new normal – to care for them rather than wait on them.

    • How to shift gears to a new way to retail
    • The connection between hygiene & customer trust
    • How to build rapport with shoppers even while apart
    • How to use personalization with social distancing
    • How to stay in front of your customers
    • Quick tips for how to use live video
    • How to create relevant live content to serve, not just sell
    • How to still be a source of joy for your customers
  • Reopening Retail and Rebuilding Trust – you’ll learn:
    • How to see opportunity in chaos
    • How to reform and rebuild your team
    • Quick tips for adapting to long-term changes
    • How to successfully manage the merchandise conundrum
    • How and why to approach reopening like a new business
    • How to welcome your customers to your new normal
    • How to pivot conversations to keep things positive
    • How and why to use role-play in sales training

Business Resources Webinar – View a recording of the Federal and State Covid-19 Economic Distruption Resources for Small Business Webinar. Learn More

If you have questions, please contact:

Ryan Rattanni

Baltimore Development Corporation

Economic Development Officer

rrattanni@BaltimoreDevelopment.com

Cathy Rosenbaum

Federal Hill Main Street

Executive Director

Cathy@FedHill.org

443.904.4861