NEW Resource updates for your businesses

Things are moving fast in the ever-evolving COVID-19 crisis, and Baltimore County Department of Economic & Workforce Development is here to keep you up-to-date on all the new resources for your business:

• Coming soon!  NEW Main Street Lending Program

The Federal Reserve announced a new program that will enhance support for small and mid-sized businesses that were in good financial standing before the crisis by offering 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion. Principal and interest payments will be deferred for one year. Firms seeking Main Street loans must work through their banks and commit to make reasonable efforts to maintain payroll and retain workers. Borrowers must also follow compensation, stock repurchase, and dividend restrictions that apply to direct loan programs under the CARES Act. Firms that have taken advantage of the PPP may also take out Main Street loans.

• NEW Business Relief Tool Launched

Are you wondering which programs your business is eligible for?  There are several relief programs designed to help combat the negative effects from COVID-19. The Relief Wizard is an easy to use tool to help navigate these programs.  The relief wizard will point you to the programs you are eligible for, based on your answers.

• Expansion of Unemployment Insurance Benefits

The federal CARES Act expanded unemployment insurance benefits nationwide, giving access to sole proprietors, independent contractors, and self-employed workers. The Maryland Department of Labor is collaborating with the U.S. Department of Labor to create new IT systems, modify the current platforms, and train staff in order to implement these new programs. Maryland will provide all three expanded unemployment programs: Pandemic Unemployment Assistance (PUA), Federal Pandemic Unemployment Compensation, and Pandemic Emergency Unemployment Compensation. Upon availability, benefits will be paid back to the earliest date of eligibility. Please use the link above to monitor progress as these programs come online, and sign up to receive an email update when filing opens for PUA benefits.

•  State closed Loan and Grant Programs

Last week, the State is no longer taking applications for the MD COVID-19 Emergency Relief Loan Fund and the MD COVID-19 Emergency Relief Grant Fund.

• Find Eligible Paycheck Protection Program Lenders

On April 3, the Federal Government launched the Paycheck Protection Program for small businesses to continue to pay their employees.  This is a forgivable loan offered through eligible banks.  To find a lender for your business, search using the above link.

SBA Daily Calls & Webinars
The U.S. Small Business Administration (SBA) is conducting daily webinars and conference calls to help small business owners understand and apply for the coronavirus relief options. The SBA offers these programs: Paycheck Protection Program, EIDL Loan Advance, SBA Express Bridge Loan, SBA Debt Relief.

• 3:00 pm – Daily Conference Call
  202-765-1264; ID # 827-299-626
• 5:30 pm – Daily Conference Call
  202-765-1264; ID # 310-688-488
• 10:30 am and 8:00 pm – Zoom Webinar (download the ZOOM app for free)
  Meeting # 6794772946  Have all your necessary documents ready

For questions or assistance, we are available via email at businesshelp@baltimorecountymd.gov or by phone at 410-887-8000. When you email or call us, please share your contact info, so that we can keep you informed as new business resources roll out.
For regular updates of all new and changing programs and resources for your business, follow our Baltimore County Department of Economic and Workforce Development Facebook Page.