COVID-19 Resources

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.

Federal – Families First Coronavirus Response Act- Employer requirements and BMC interpretation

FAQ related to Covid-19 FFRCA tax credits

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

***So, you were approved for PPP and received your funds.  What now?***

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Not sure where to start?  Check out these links:

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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.

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

C Small Business Recovery Microgrants

Northern VA Rapid Response 

Loudoun County Business Interruption Fund

Frederick County Jumpstart Grants

Other Grants/Funds

US Chamber of Commerce Grant program.

Facebook Small Business Grants Program

James Beard Foundation Food and Beverage Industry Relief Fund

Restaurant Workers Community Foundation

Verizon Small Business Recovery Fund

Ogden News (Frederick News Post) 1 million marketing grant program – link

INC Magazine link with additional funds – link

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COVID-19 Relief and Resources for Taxpayers and Small Businesses Learn more