Small Business Resources Available For You During This Time
We wanted to be sure you were aware of the following local, state, and federal resources available or in process at this time. We recommend checking out the Montgomery County Economic Development Authority COVID-19 resource site which has compiled all levels of resources for small businesses.
Local Resources: Applications Open This Week
- The Montgomery County Executive and County Council together have set aside $20 million in funding to support small businesses and nonprofits who are struggling to survive the economic impact of COVID-19. The program application will open this week and can be found on the County’s website.
- Maryland Small Business COVID-19 Emergency Relief Loan Fund – This $75 million loan fund offers no interest or principal payments due for the first 12 months, then converts to a 36-month term loan of principal and interest payments, with an interest rate at 2% per
- Maryland Small Business COVID-19 Emergency Relief Grant Fund – This $50 million grant program offers grant amounts up to $10,000, not to exceed 3 months of demonstrated cash operating expenses for the first quarter of 2020.
- Coronavirus Aid, Relief, and Economic Security (CARES) Act: The U.S. Small Business Administration, under the stimulus package, will oversee the Paycheck Protection Program, which will distribute $350 billion to small businesses that can be partially forgiven if the companies meet certain requirements. The loans will be available to companies with 500 or fewer employees. Learn more.
- The Families First Coronavirus Response Act: The Montgomery County Chamber of Commerce has published a Summary of the Families First Coronavirus Response Act.