To help you prepare, the updated website now outlines exactly what documents and information you need to submit your application.
The $10 million grant will be award up to $15,000 for each applicant. The grant is on a first-come, first-served basis so we encourage people to have their information ready to submit on Monday. A program goal is to award at least 25% of grant funding to women and minority-owned businesses. Again, funding is limited so we encourage businesses to have the required documents ready for submission.
Paycheck Protection Program provided by the City of Baltimore, Goldman Sachs, and Lendistry
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Importantly, these loans will be fully forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll)
Applicants can apply now to have their completed packages entered into the pipeline to be ready when funds are released. To apply, click here
To view business guidelines and checklist, click here
For more information regarding other business resources related to the COVID-19 outbreak, click here
Small Business Technical Assistance and Business Support Services for Baltimore City Businesses
The Baltimore Development Corporation (BDC) and the Mayor’s Office of Minority and Women-Owned Businesses Development will work with the Baltimore Small Business Support Fund to assemble a technical assistance network that will help small businesses complete applications for appropriate federal, state, and philanthropic financial assistance programs that are currently available and federal programs, which are expected to be replenished in the coming days.
Businesses that are interested in requesting technical assistance should visit Baltimore Together and fill out the web form.
In addition to this announcement, the US Chamber of Commerce has announced a Save Small Business Fund to provide $5,000 grants to businesses that meet the following criteria:
· Employ between 3 and 20 people
· Are located in an economically vulnerable community
· Have been harmed financially by the COVID-19 pandemic.
A short application will be available starting April 20, 2020, at 12:00PM PT by visiting Save Small Business.
FEDERAL AND STATE COVID-19 ECONOMIC DISRUPTION RESOURCES FOR SMALL BUSINESSES
TELECONFERENCE – MARCH 31, 2020, 2:00 PM
SPONSORED BY BALTIMORE DEVELOPMENT CORPORATION AND M&T BANK
Baltimore City Mayor’s Office takes the initiative to connect COVID-19 funding resources available to small businesses. BDC and M&T Bank sponsor a teleconference to with Federal and State officials to provide stakeholders an overview of federal and state small business COVID-19 economic disruption resources and Guidelines under the CARES(Coronavirus Aid, Relief, and Economic Security) Act.
Attending: Mayor Jack Young; Colin Torbin, BDC; Senator Ben Cardin, Member, Senate Small Business and Entrepreneurship Committee; Stephen Umberger, District Director, US Small Business Administration Baltimore District Office; Kelly Schultz, Maryland Department of Commerce.
Attending Stakeholder were not disclosed and participated via Q&A Chat.
Highlights of Teleconference:
The $2 trillion federally funded COVID-19 Economic Injury Disaster Loans(EIDL) was recently allocated under the CARES Act to address the impact on small businesses resulting from this public health crisis in the US. Senator Ben Cardin and Stephen Umberger of SBA were intricately involved in structuring the COVID-19 Small Business (EIDL) Economic stimulus package to be administered through the SBA.
Maryland’s Department of Commerce also administers a small business economic stimulus program that was in place prior to the CARES Act, which re-opens the door to COVID-19 small businesses funding resources across the United States. The purpose of the teleconference was to ensure that Baltimore City small business stakeholders have first-hand information on how to access resources.