COVID-19 Small Business Relief Resources
We understand and we want to help.
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.
FEDERAL
New Pandemic Relief Package for Small Businesses
Paycheck Protection Program: SBA is currently offering PPP loans until May 31, 2021.
Tax Treatment: The new law overturns the IRS ruling and provides that regular business expenses paid for with PPP loan proceeds shall be deductible for tax purposes (applies to past and future loans).
Expanded List of Expenses Qualifying for Forgiveness: The list of expenses that PPP funds can be used for that qualify for loan forgiveness has been expanded.
EIDL Grants: The new law reopens the EIDL Grant program. Priority for the full amount of the EIDL grant will be given to small businesses with no more than 300 employees, located in low-income neighborhoods.
Learn More: https://www.uschamber.com/report/guide-small-business-covid-19-emergency-loans
STATE OF MARYLAND
LEARN MORE ABOUT Maryland COVID-19 Relief Options
Sales Tax Credits: Supports small businesses with sales tax credits of up to $3,000 per month for four months— for a total of up to $12,000—freeing-up much needed resources to protect payrolls and sustain operations. This relief will directly help more than 55,000 Maryland small businesses. ($300 million)
Unemployment Tax Relief: Extends unemployment tax relief for small businesses, staving off sudden and substantial tax hikes in 2021. This provision codifies an emergency order the governor issued last month. ($218 million)
Tax Safeguards: Safeguards Maryland businesses against any tax increase triggered by the use of state loan or grant funds. ($40 million)
LOCAL
Prince George’s County Restaurant Assistance Grant: The Restaurant Assistance Grant will provide grants up to $12,000 to Prince George’s County-based restaurants and food establishments to promote long-term sustainability and resiliency of businesses operations, support COVID-19 safety measures, and support businesses operating at reduced capacity. Learn More: https://www.pgcedc.com/restaurantassistance
- Prince George’s County Resources
- Anne Arundel County Resources
- Montgomery County Resources
- Howard County Resources
- St. Mary’s County Resources
- Calvert County Resources
- Charles County Resources
- Baltimore County Resources
Last updated April 22, 2021