We want to keep you updated on resources and information for your business.Please review the most recent webinar providing updates below.
Please take a look at the resources available at Maryland Business Express, which will be updated as new announcements are made. This remains the most comprehensive and up-to-date resource for information on legislation and funding.
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.The Paycheck Protection Program will be available from April 3, 2020 through June 30, 2020. Please review the Paycheck Protection Program Application and detailed guidance on the process..
Don’t forget to post your business’s updates on our boosted Facebook event! Click the image below and post in the Discussion Section.
We are working with our partners to identify and share resources that may help during these times. Here is some information on federal and state government agencies provided by the State that we thought you would be interested in:
There are several Maryland funding opportunities available right now to assist with the financial burden this places on our small businesses. I’d suggest exploring these opportunities as soon as possible to take advantage of them. The applications are online, seem relatively brief, but you will need to gather some tax and business documents from your files to apply. First, please visit the Maryland Department of Commerce to learn more about the following:
- Maryland Small Business COVID-19 Emergency Relief Loan Fund – This $75 million loan fund (for for-profit businesses only) 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 for businesses and non-profits 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.
The FrostburgFirst office is currently closed, but our staff is working remotely. Please don’t hesitate to reach out via email at firstname.lastname@example.org, Facebook messenger @FrostburgFirst, or by contacting (301) 689-6900.