For Your Business: Maryland Small Business COVID-19 Emergency Relief Loan Fund

The COVID-19 Emergency Relief Loan Fund is being administered by the Maryland Department of Commerce. It offers $75 Million of working capital to assist for-profit small businesses with less than 50 full- and part-time employees that are experiencing disrupted operations due to COVID-19. Eligible uses include working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses related to the ordinary course of business operations. General terms and conditions include the following:

• Loans up to $50,000 (not to exceed three months of cash operating expenses).
• 0% for the first 12 months; 2% for the remaining 36 months.
• Deferral of any payments for the first 12 months, and straight amortization beginning in the 13th month through the 36th month.
• Business must be established prior to March 9, 2020 and in good standing.
• Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees).
• Two years of historical financial statements and most recent interim statement to benchmark revenue against (if available).
• Six month pro forma of estimated lost revenue or other documented loss evidence.
• Minimum personal credit score of 575.
• No collateral requirements.

These funds are intended to provide interim relief, complementing actions with your bank, business interruption insurance provider, and other financial partners. Use the links below to view more information and to access the online application.

COVID-19 Emergence Relief Loan Fund Webpage

COVID-19 Emergency Relief Loan Fund Application (UPDATED LINK)