The State of Maryland is taking unprecedented measures to help small businesses weather the current economic storm caused by the COVID-19 pandemic. In addition to the massive relief package being offered by the federal government, the State of Maryland is offering an array of relief options for small businesses including grants, loans, and tax extensions.
The State of Maryland is offering emergency relief loans for the benefit of small businesses affected by the COVID-19 pandemic. This COVID-19 Emergency Relief $75M Loan Fund offers working capital to assist Maryland for-profit small businesses disrupted operations due to COVID-19. Loan assistance is intended to provide interim relief complementing actions with its bank, business interruption insurance, and financial partners. Terms and conditions of the program can be found HERE and checklist application information can be found HERE.
The State of Maryland is offering a relief grant for the benefit of small businesses affected by the COVID-19 pandemic. The COVID-19 Emergency Relief $50M Grant Fund offers working capital to assist Maryland small businesses and nonprofits with disrupted operations due to COVID-19. Grant assistance is intended to provide interim relief complementing actions with its bank, business interruption insurance, and financial partners. Terms and conditions of the program can be found HERE and checklist application information can be found HERE.
The State of Maryland is offering a $5 million incentive-based program to assist with the production of personal protective equipment (PPE) by Maryland manufacturers for distribution to healthcare providers and institutions on the front line of the medical crisis. Governor Hogan intends to provide more details on this program soon.
The State has implemented a Layoff Aversion Fund, which will provide grants of up to $50,000 to eligible businesses with 500 or fewer employees to implement creative measures aimed to mitigate potential layoffs. This grant is available for a multitude of purposes, some of which include:
- Purchasing tele-work equipment to allow employees to perform their job functions remotely
- Cleaning and sanitation expenses to allow employees to remain at work
- Job training and professional development
- Employee income and benefits to support participation in the State Department of Labor’s Unemployment Insurance Work Sharing Program
Further details of this program and application information can be found HERE.
Tax Filing and Payment Extensions
The Comptroller of Maryland announced several tax extensions for Maryland businesses, including:
- A 90-day extension (to July 15, 2020) for corporate and pass-through entity income tax payments. This includes no interest or penalties for late payments for 2019, as long as tax payments are made by July 15, 2020. No state extension filing is required to take advantage.
- The deadlines for certain business-related tax filings due in March, April, and May of 2020 have been extended to June 1, 2020. These include sales and use taxes, withholding, admissions and amusement, alcohol, tobacco, and motor fuel taxes, among others. There will be no interest or penalties for businesses that file and make payments by June 1, 2020.
- Businesses that have already paid their Maryland Sales and Use Taxes for March 2020 may request a refund of their payment.
Business Licenses and Permits
For the duration of the state of emergency and for thirty days after, all state licenses, permits, registrations, and other authorization that would have expired during this time period will automatically be extended without any action required by the Maryland business.
Visit our COVID-19 Resource Page for more updates.