COVID-19 Relief and Resources for Taxpayers and Small Businesses
Resources for Taxpayers/Individuals
Federally-funded student loan payments suspended from March 13 – September 13.
Borrowing restrictions on retirement plans eased. – Penalties waived, maximum loan amount increased, payback period extended.
Unemployment – MD website is ready to accept applications for self employed individuals. http://www.labor.maryland.gov/employment/unemployment.shtml
Resources for Employers
Maryland- COVID-19 Layoff Aversion Fund apply and learn more here.
Employee Retention Credit – A refundable tax credit of 50% up to $10k in wages (per employee) for businesses affected by COVID. Cannot take this credit if you have been approved for PPP.
Qualified Disaster Payments– this is not a government link, but we have vetted this program. Allows employers to make direct, non-taxable payments to affected employees. Payments are tax-deductible to employer.
Template letters for laying off employees.
Emergency Sick Leave (FFCRA) template request form.
Emergency Paid Medical Leave (EPMLA) template request form
Resources for Small Businesses
Not sure where to start? Check out these links:
- PPP Now What pdf April 29, 2020
- PPP Now What Slides April 29, 2020
- PPP What Now Video April 29, 2020
- COVID-19 Relief for Small Business PDF April 1, 2020
- COVID-19 Relief Webinar Slides April 1, 2020
- COVID-19 Webinar Video April 1, 2020
Paycheck Protection Program (PPP)
Forgivable SBA-backed loan specifically intended to cover payroll, mortgage, rent and utilities. Forgiveness is only extended if certain criteria related to retaining employees are met.
Apply for the Paycheck Protection Program (PPP) with your local banks:
Additional funding entities for PPP: (may require that you be or become a customer of this service). There are many other funding sources, these are just a few that we have been made aware of.
- Heartland – Contact BMC for Heartland contact info
- The SmartAsset website has compiled a robust list of PPP lenders.
Economic Injury Disaster Loans (EIDL) – EIDL is once again accepting applications for all business and agriculture. (June 15)
EIDL is an SBA-backed loan up to $2 million, with a forgivable advance of up to $10000. The advance is available within three days of a successful application and will NOT have to be repaid. Any costs paid by EIDL funds cannot be claimed under the PPP loan.
Apply for the SBA’s Economic Injury Disaster Loan (EIDL) here.
State & Local Relief
Ogden News (Frederick News Post) 1 million marketing grant program – link
INC Magazine link with additional funds – link