Maryland Department of Commerce
The Maryland Department of Commerce is offering three new business assistance programs in response to the COVID-19 pandemic:
If you have specific questions about these funds, please email [email protected].
- 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 annum. Learn more.
- 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. Learn more.
- Maryland COVID-19 Emergency Relief Manufacturing Fund - This $5 million incentive program helps Maryland manufacturers to produce personal protective equipment (PPE) that is urgently needed by hospitals and health-care workers across the country. More information coming by Friday, March 27, 2020.
If you have specific questions about these funds, please email [email protected].
- The U.S. Small Business Administration (SBA) will provide low-interest loans to companies affected by the outbreak, with President Trump asking Congress to increase funding for the SBA lending program to $50 billion.
- Governor Hogan announced on March 19 that the entire state of Maryland has received official designation for SBA assistance. Individual businesses can now apply directly to the SBA for low-interest loans through the Economic Injury Disaster Loan program. Visit SBA's website to apply now.
- General SBA guidance for businesses can be found here. If you need additional help navigating the SBA process, Maryland SBDC can help.
US Small Business Administration (SBA)
- The U.S. Small Business Administration (SBA) will provide low-interest loans to companies affected by the outbreak, with President Trump asking Congress to increase funding for the SBA lending program to $50 billion.
- Governor Hogan announced on March 19 that the entire state of Maryland has received official designation for SBA assistance. Individual businesses can now apply directly to the SBA for low-interest loans through the Economic Injury Disaster Loan program. Visit SBA's website to apply now.
- General SBA guidance for businesses can be found here. If you need additional help navigating the SBA process, Maryland SBDC can help.
Tax Information for Small Businesses
- Maryland business and individual income taxpayers will be given a 90-day extension for tax payments. No interest or penalty for late payments will be imposed if 2019 tax payments are made by July 15, 2020. See 90-day extension for tax payments for more information, or reach out to [email protected] with questions.
- Comptroller Franchot also extended business-related tax filing deadlines to June 1. Get additional information regarding business tax returns - including sales and use tax, alcohol tax, etc. - and income tax extensions.
- Businesses who paid their Maryland Sales & Use Taxes for March early may request a refund of their payment by emailing [email protected] or by calling 410-260-4020.
- Taxpayers who have set up a payment through their own online banking services will need to stop that transaction through their banks. Taxpayers who have scheduled a payment through the Comptroller’s iFIle or bFile can request to have a debit from their account stopped as long as it is at least 3 days prior to the scheduled payment date. If taxpayers have individual requests for assistance, they should contact Taxpayer Services at 410-260-7980 or via email at [email protected].
- The federal tax filing deadline has been moved to July 15. Learn more.
- Maryland banks, credit unions, and financial service providers are operating under precautionary measures, with increased focus on mobile, phone, and online services. If you anticipate having trouble making a loan payment, please notify your lender or loan servicing company as soon as possible to discuss your options. Early and regular communication is important. More information from the Maryland Bankers Association. And, view a list of credit unions operating in Maryland and their contact information.