Maryland Small Business COVID-19 Emergency Relief Loan Fund

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Maryland Small Business COVID-19 Emergency Relief Loan Fund

Gov. Larry Hogan announced Monday that Maryland has authorized $130 million in loan and grant funding for small businesses, non-profits and manufacturers that have been negatively impacted by the Coronavirus (COVID-19).

These funds can be used by businesses/organizations that demonstrate financial stress or disrupted operations (defined below), and can be used to pay cash operating expenses including payroll, rent, suppliers, fixed debt payments and other mission critical cash operating costs.

If you are a Maryland-based business impacted by the Coronavirus with under 50 full- and part-time employees, check out the programs below to see if you qualify for assistance


Maryland Small Business COVID-19 Emergency Relief Loan Fund

This COVID-19 Emergency Relief $75M Loan Fund offers working capital to assist Maryland for-profit small businesses with financial stress due to COVID-19. This program is designed to provide short term relief.


Terms and conditions
  • Loans up to $50,000 (not to exceed three months of cash operating expenses) open to Maryland businesses impacted by the COVID-19 with fewer than 50 employees.
  • 0% for the first 12 months, and 2% for the remaining 36 months.
  • Deferral of any payments for the first 12 months, and straight amortization beginning in the 13th month through the 36th month.
  • Business must be established prior to March 9, 2020 and in good standing.
  • Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees).
  • Two years of historical financial statements and most recent interim statement to benchmark revenue against (if available).
  • Six month pro forma of estimated lost revenue or other documented loss evidence.
  • Minimum personal credit score of 575.
  • No collateral requirements.
  • Eligible uses include: working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of operations.
The business must demonstrate financial stress or disrupted operations, which may include but are not limited to:
  • Notices from tenants closing operations and not paying rent caused by loss of income.
  • Notice of inability to pay rent or make loan payments due to reduced sales, suspended operations.
  • Increased cost related to COVID-19 prevention measures.
  • Notice of disrupted supply network leading to shortage of critical inventory or materials.
  • Other circumstances subject to review on a case by case basis.
How to apply

After verifying that you qualify to apply for the loan, click here to apply.


Additional Information

To learn more about the MD Small Business COVID-19 Emergency Relief Loan Fund click here.


Maryland Small Business COVID-19 Emergency Relief Grant Fund

This COVID-19 Emergency Relief $50M Grant Fund offers working capital to assist Maryland small businesses and nonprofits with disrupted operations due to COVID-19.


Terms and conditions
  • Grants up to $10,000 not to exceed 3 months of cash operating expenses for Maryland businesses and nonprofits impacted by the COVID-19 with 50 or fewer employees.
  • Must be established prior to March 9, 2020.
  • Business must be in good standing.
  • Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees).
  • Annual Revenues of the business or nonprofit not to exceed $5 million as evidenced by Financial Statement or other financial documentation.
  • Business or nonprofit is expected to seek longer term funding through its bank, SBA, or other source.
  • Eligible uses include: working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of operations.
The business or nonprofit must demonstrate financial stress or disrupted operations, which may include but are not limited to:
  • Notices from tenants closing operations and not paying rent caused by loss of income.
  • Notice of inability to make loan payments due to reduced sales, suspended operations.
  • Increased cost related to COVID-19 prevention measures.
  • Notice of disrupted supply network leading to shortage of critical inventory or materials.
  • Other circumstances subject to review on a case by case basis.
How to apply

After verifying that you qualify to apply for the loan, click here to apply.


Additional Information

To learn more about the Maryland Small Business COVID-19 Emergency Relief Grant Fund click here.


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