MD Firms Can Apply For Small Business Disaster Loans: Coronavirus

ANNAPOLIS, MD — Owners of restaurants, bars, fitness centers and other businesses struggling because of state orders aimed at curbing the spread of the new coronavirus can now apply for federal disaster loans from the U.S. Small Business Administration.,>

According to the SBA, the loans will help alleviate financial strain and allow businesses to pay bills, payroll, and accounts payable, with long-term payments stretching up to 30 years. Small businesses and private non-profit organizations can apply to the SBA for financial assistance.,>

“Our first and foremost priority is protecting the health and safety of Marylanders, but we are also deeply concerned about the economic impact of this pandemic, which is why we worked quickly with our federal partners to apply for this designation,” said Gov. Larry Hogan in a news release. “This program will offer immediate relief to our small business community and help them to remain afloat during this difficult time.”,>

In order to receive designation, the state was required to provide at least five examples of companies that have suffered a significant economic injury due to COVID-19. With the recent executive order closing restaurants, bars, fitness centers, and theaters, along with the ban on gatherings of more than 10 people, many businesses across the state have closed or reduced hours and need immediate financial help.,>

“Maryland’s small businesses are critically important to our economy and we recognize the impact this crisis is having on them,” said Maryland Commerce Secretary Kelly M. Schulz.,>

The loan program, combined with other state and federal assistance, will help businesses continue to operate, Schulz said.,>

For more business resources available during the COVID-19 outbreak, visit businessexpress.maryland.gov/coronavirus.,>

For details on the administration’s ongoing response, visit governor.maryland.gov/coronavirus.
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