We would like to make you all aware that EIDL Program has reopened for all industries. Click here to apply. Additionally, the Paycheck Protection Program is still accepting applications through June 30th, click here to apply via Lendistry.
· HopkinsLocal is hosting a Small Business Webinar on Legal Considerations for Reopening this Thursday, June 25th at 1pm. Registerhere
· PPP Loan Forgiveness Application: Download or complete the application here
· PPP Loan Forgiveness Guidance can be found here, beginning on page 7
· PPP Loan Review Procedures and Related Borrower and Lender Responsibilities related to the loan forgiveness process can be found here, beginning on page 7
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)
Did you know that June is National Safety Month? As many states move to reopen businesses affected during COVID-19, it's important to follow safety guidelines to keep your employees and customers safe. Take the time to review safety resources from the CDC when reopening your business.
GSA Presents: Advancing Small Businesses During Unprecedented Times (Webinars)
Join GSA Administrator, Emily Murphy, to explore strategies to enable support of the federal opportunities within the COVID-19 pandemic environment during GSA's webinars hosted on June 8 and 10. Participants will learn about the most current federal requirements, how the federal business landscape has responded and how small businesses can engage. GSA will also address your questions around federal contracting.
The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.
State, local, and federal agencies are working together to maintain the safety, security, and health of the American people. Check out coronavirus.gov for updates from the White House's Coronavirus (COVID-19) Task Force. Go to cdc.govfor detailed information about COVID-19 from the Centers for Disease Control and Prevention.
Offices around the country may be closed to the Coronavirus pandemic, but SCORE, Small Business Development Centers, Women’s Business Centers, and Veterans Business Outreach Centers and other resource partners are providing free business mentoring and training by phone, email, and video.
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.
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.