PG County Coronavirus Relief Fund To Help Businesses

PRINCE GEORGE'S COUNTY, MD — Prince George's County has rolled out a new initiative that will provide financial assistance to county businesses impacted by the new coronavirus, also known as COVID-19.

Businesses can apply online to request up to $100,000 in operating funds for a period of 6 months from the Prince George’s County COVID19 Business Relief Fund to pay for payroll, suppliers, rent, fixed debt payments or other critical expenses.

In order to qualify, businesses must be based in PG County and be considered a small business as defined by the Small Business Administration. Sole proprietors are also eligible, as long as the can provide supporting documentation that they have a history of operations.

Nonprofits and new business venture are not eligible.

The Business Relief Fund will provide deferred payments at a rate of 3.75 percent fixed and three-year terms with 10-year amortization. There will be no principal or interest payments for 12 months.

Applications for the Business Relief Fund are available through May 15.

The Business Relief Fund is not the only financial resource available to Prince George's County businesses during the coronavirus pandemic. Businesses can also apply for assistance from SBA's Economic Injury Disaster Loan or Maryland Small Business COVID-19 Emergency Relief Grant Fund.

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