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 SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.
I encourage you to reach out to your banks or lenders now and obtain the application materials. Based on demand during the first round, it is likely the funding will go quickly again, and is meant to be first-come-first-served. Local lenders participating in the PPP include First People’s Community Credit Union, Susquehanna Bank, BB&T, PNC Bank, M&T Bank, Somerset Trust Company, KELCO Federal Credit Union, First United Bank & Trust, and Chessie Federal Credit Union. See a complete list HERE.
While each lender may require different documentation as part of the application process, below is a sample of the materials you should have ready. Please review the attached application from the Small Business Administration for the Paycheck Protection Program.
- ARTICLES OF INCORPORATION/ORGANIZATION (CORPORATIONS) or BYLAWS/OPERATING AGREEMENT (LLCS) or BUSINESS LICENSE (SOLE PROPRIETORSHIPS)
- COMPLETED PAYROLL PROTECTION PROGRAM APPLICATION FORM
- 2019 IRS QUARTERLY 940, 941 OR 944 PAYROLL TAX REPORTS
- 2019 PAYROLL REPORT (INCLUDING PAYROLL TAXES AND NUMBER OF EMPLOYEES) FOR CALENDAR YEAR 2019 or 2020 PAYROLL REPORT FROM JANUARY 1, 2020 TO FEBRUARY 29, 2020 (NEW BUSINESSES ONLY)
- DOCUMENTATION SHOWING TOTAL OF ALL HEALTH INSURANCE PREMIUMS PAID BY THE COMPANY OWNER(S) UNDER A GROUP HEALTH PLAN. INCLUDE ALL EMPLOYEES AND THE COMPANY OWNERS
- DOCUMENT THE SUM OF ALL RETIREMENT PLAN FUNDING THAT WAS PAID BY THE COMPANY OWNER(S) (DO NOT INCLUDE FUNDING THAT CAME FROM EMPLOYEES OUT OF THEIR PAYCHECK DEFERRALS).
- COMPLETED PAYROLL CALCULATOR WORKSHEET
- LIST OF ALL EMPLOYEES WITH ANNUAL SALARY OR COMPENSATION IN EXCESS OF $100,000
- COPY OF FRONT AND BACK OF DRIVERS LICENSE OR PASSPORT FOR ALL AUTHORIZED SIGNERS OF BUSINESS
- SCHEDULE OF ANY SUPPLEMENTARY FACTS OR ANSWERS AS REQUESTED IN THE APPLICATION
For information from the Small Business Development Center on how to best navigate the current funding options and programs, as well as guidance for helping your business through the recovery period, please review the SBDC’s COVID19 Small Business Survival Guide.
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:
- The Maryland State Arts Council has created special grant opportunities that provide emergency funding to arts organizations and artists in Maryland. Learn more.
- The Maryland Agricultural Resource-Based Industry Development Corporation (MARBIDCO) has launched the Pandemic Adjustment Loan Fund Program to help Maryland’s food and fiber producers, harvesters, and primary processors adjust to business disruptions. Learn more.
- The Maryland Business Relief Wizard is a tool that can help Maryland businesses quickly identify the state and federal relief resources they may be eligible to receive.
The FrostburgFirst office is currently closed, but our staff is working remotely. Please don’t hesitate to reach out via email at email@example.com, Facebook messenger @FrostburgFirst, or by contacting (301) 689-6900.