Small Business Assistance Information
My office has compiled a list of resources and services being provided in District 20 (Silver Spring, White Oak, Takoma Park) during this difficult time. Below you will find links to many sources of information regarding Small Business Assistance related to Coronavirus.
Montgomery County Assistance Programs
- Montgomery County Public Health Emergency Grant (PHEG) Program – $20 Million program is intended to provide relief to small businesses and nonprofits with fewer than 100 employees. Maximum grant amounts are $75,000. More information on this program is available online and will soon include updates on the program and a link to the application.
Maryland State Assistance Programs
- Maryland COVID-19 Emergency Relief Manufacturing Fund – This $5 million incentive program helps Maryland manufacturers to produce personal protective equipment and other items identified as Critical Needs Items by MEMA and DGS, that are urgently needed by the State of Maryland, Maryland-based hospitals and healthcare facilities, and emergency and first responders.
Federal Assistance Programs
- Economic Injury Disaster Loan Program – This program provides small businesses with working capital loans of up to $2 million to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of this disaster’s impact. The application deadline is December 21, 2020.
- Paycheck Protection Program – This loan program is designed to provide a direct incentive for small businesses to keep their workers on payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the funds are used for payroll, rent, mortgage interest, or utilities.
- Economic Injury Disaster Loans – Small business owners in Maryland are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
- Express Bridge Loan Pilot Program – This program allows small businesses that currently have a SBA loan to access up to an additional $25,000 in loans. Find an Express Bridge Loan Lender by connecting with your local SBA District Office.
- Department of Labor: Wages, Hours and Leave – The Department of Labor provides guidance on common issues employers and workers face when responding to COVID-19, including the effects on wages and hours worked under the Fair Labor Standards Act and job-protected leave under the Family and Medical Leave Act.
- Save Small Business Recovery Fund – The Save Small Business Fund is a grantmaking initiative offering short-term relief for small employers in the United States and its territories. An initiative of the U.S. Chamber of Commerce Foundation
- Verizon Small Business Recovery Fund – Thanks to a $2.5 million investment from Verizon, we are offering grants to help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available.