Many have lost their jobs and small businesses don't know where to look for help during these uncertain times. Thankfully there are resources that can point you in the right direction. From who is eligible to receive stimulus payments to what support is available to small businesses and employees, we hope these resources answer your dire questions.
Direct Payments (Rebates) to Marylanders and Maryland Families
The IRS has created a helpful FAQ to answer your questions about the direct payments (rebates) that will be sent to individuals and families as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. See here.
Paid Sick Leave and Paid Family Leave
The U.S. Department of Labor has issued rules to implement new paid sick and family leave requirements for many employers and employees.
- If you are an employee seeking information on the new paid leave policies, see here. (Also available in Spanish here.)
- If you are an employer seeking information on the new paid leave policies, see here. (Also available in Spanish here.)
- See here for frequently asked questions and see here for additional information.
Resource Guide for Maryland Employers and Workers
- See here for information about employer assistance, worker assistance, licensing and permitting, tax assistance and financial assistance from the Maryland Department of Labor.
- The Maryland Department of Labor's COVID-19 Layoff Aversion Fund helps businesses prevent layoffs and/or minimize the duration of unemployment. See here to learn more about the fund.
Small Business Paycheck Protection Program
- The Paycheck Protection Program provides small businesses with low-interest, zero-fee loans of up to $10 million. Funds can be used for payroll and benefits, and to pay interest on mortgages, rent and utilities.
- Small businesses that maintain certain percentages of employees and payroll can receive debt forgiveness for a portion of the loan.
- See here and here for an overview of the Paycheck Protection Program. See here for a lender factsheet. See here a borrower factsheet.
Small Business Debt Relief
- The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows the U.S. Small Business Administration (SBA) to cover principal and interest payments on certain existing and new SBA loans, among others. See here for more information.
The Small Business Owner's Guide to the CARES Act
- The Senate Committee on Small Business and Entrepreneurship has prepared a resource guide for small business owners to learn about the new loans, grants, and economic programs made available by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Low-Interest Disaster Loans for Maryland Small Businesses
- The U.S. Small Business Administration (SBA) is offering low-interest federal Economic Injury Disaster Loans (EIDL) of up to $2 million to small businesses that suffer substantial economic injury as a result of the coronavirus. Learn more here. And see here for a FAQ from the House Committee on Small Business.
- The SBA is also providing advance grants of $10,000 to eligible small businesses that apply for EIDLs. These grants do not need to be paid back.
- Small businesses in Maryland are eligible to apply for assistance through the SBA's website.
- Maryland has authorized $130 million in emergency assistance for small businesses impacted by the coronavirus. See here to learn more.
Coronavirus-Related Information for Maryland Businesses
- The State of Maryland has established a resources page for businesses impacted by the coronavirus.
Tax Filing Resources for Individuals and Families
- The deadline for federal tax filings and federal tax payments has been extended to Wednesday, July 15. To learn more, see here. See here with tips for taxpayers and tax pros and see here for a FAQ about this year's tax filing deadline extension.
- The deadline for Maryland tax filings and payments has also been extendedto Wednesday, July 15.
Tax Filing Resources for Maryland Small Businesses
Maryland's business-related tax filing deadlines have been extended to June 1. The extension applies to certain business returns for several different types of taxes. The Comptroller's Office of Maryland has created a dedicated email address to assist Maryland businesses with extension-related questions: taxpayerrelief@marylandtaxes.gov. Business owners can also call the Comptroller's Ombudsman at (410) 260-4020.
