NAI Michael is a small business, and we work with other small businesses every day. Small businesses are the life blood of our economy both locally and throughout the country. During this difficult time as the world battles COVID-19, we want to help by being a resource for information regarding small business relief efforts available to our clients and customers. Currently, there are many efforts underway to help those effected by COVID-19 continue to cover expenses, including payroll and rent.
$50 Billion Economic Injury Disaster Loan Program - Small business owners are currently eligible to apply for a low-interest loan due providing small businesses with working capital loans of up to $2 million to help overcome the temporary loss of revenue. Learn more.
$2 Trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act - The massive CARES act was signed into law on 3/27, and includes many provisions to help small businesses:
- Tax Savings - Incentives and savings are available that you should discuss with your CPA including employment taxes credits, delay of payroll taxes, and modification of losses from prior years. Learn more.
- Forgivable Loans - $350 Billion is available as part of the “Paycheck Protection Program” to help small businesses with expenses including payroll, rent and mortgages, through federally backed loans that can be forgiven if certain criteria are met. These loans will be serviced through existing banks SBA lending departments, and we recommend you contact your bank directly to apply. Learn more.
- Immediate Advance – Small businesses in need can apply for an immediate EIDL advance of up to $10,000 that can be deposited in as little as three days and will not need to be repaid. Learn more. Apply Online.
Maryland Small Business COVID-19 Emergency Relief LOAN Fund - This $75 million loan fund offers no interest or principal 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.
We have heard from many banks and lending institutions that requirements are being loosened in their industry to allow for and encourage flexible modified loan terms to help small businesses during this time. Inasmuch, we recommend contacting your bank or loan officer and discuss.