As the economic impact of the coronavirus pandemic starts to affect entrepreneurs and small businesses in Maryland, we at My Annapolis Office have created a compilation of local and federal aid available to our clients to help them weather this emergency successfully.
U.S. Small Business Administration (SBA)
This government agency provides support to entrepreneurs and small businesses. They summarize their activities as the “3 C’s” of Capital, Contracts, and Counseling.
As an entrepreneur or small business owner, you might want to look into their Disaster Loan Programs, which have been updated to reflect the latest developments with regards to the Coronavirus Pandemic and the impact it already has had on the economy.
Through their Economic Injury Disaster Loan Program, every small business owner is eligible to apply for a low-interest loan due to Coronavirus (COVID-19) of up to $2 million in working capital.
The SBA also has several loan resources available, including express loans, microloans, exporting loans, and many more. Head to the SBA’s website for more information.
Facebook Small Business Grants Program
Facebook is also offering financial support to small businesses in the form of cash grants and ad credits for up to 30,000 eligible businesses worldwide. They will be taking in applications in the next few weeks and you can sign up to receive more information as it becomes available. Check out their website here.
Maryland Coronavirus Information for Business
The State of Maryland has released a website dedicated to providing information to local businesses with regards to the coronavirus pandemic. In this website, there are many resources such as Governor Hogan’s executive orders, business closures and restrictions, as well as directions towards financial assistance and tax information, employer and worker assistance programs, and more relevant information.
The Maryland Department of Health has also released a website with a COVID-19 Case Map Dashboard where you can keep track of affected counties and total confirmed cases. You can also find a FAQ guide and information about how to slow the spread of the virus.
Healthy Meals for Schoolchildren
To keep children eating healthy while school is out, Anne Arundel County Public Schools are providing free breakfast, lunch, and dinner to children ages 2-18. You can find more information about this program on their website.