COVID-19 is creating hardships and challenges for many in our community, including businesses. We understand that continuing business operations under the current circumstances is challenging. To help, we’re sharing current information on resources available to local businesses during this time of need.
- Montgomery County Public Health Emergency Grant (PHEG) program
The Montgomery County Executive and County Council together have set aside $20 million in funding to support small businesses and nonprofits who are struggling to survive the economic impact of COVID-19. The Office of the County Executive is developing the systems and regulations needed to implement the program as quickly as possible. Information on how to prepare to submit a grant application is available on the PHEG program web page: www.montgomerycountymd.gov/biz-resources/pheg. If you would like to be notified when the application for the PHEG program is available, please email peter.fosselman@montgomerycountymd.gov and include PHEG in the subject line.
- The Office of the County Executive’s COVID-19 Resources for Business page contains information on local, state and federal resources for businesses including information on the SBA Coronavirus Relief Programs.
- The SBA Economic Injury Disaster Loan (EIDL) $10,000 Emergency Advance : This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
- The SBA Paycheck Protection Program helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Paycheck Protection Program Application Form
- Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
- SBA Debt Relief provides a financial reprieve to small businesses during the COVID-19 pandemic.
- Daily Economic Injury Disaster Loan (EIDL) Application Help - 10:30am and 8:00pm. On ZOOM. A Small Business Administration (SBA) agent will walk you through how to fill out the EIDL form. Have all your necessary documents ready. Download the ZOOM app. FREE. Meeting # 6794772946
- Daily Small Business Administration Conference Call – All businesses are welcome to join this daily call. Updates are provided and participants can ask questions. 3:00pm, Call – 202-765-1264, Conf Call ID# 827-299-626
- Sign up here to receive regular SBA Business Updates: https://www.sba.gov/updates
- Governor Hogan announced new COVID-19 business relief programs on March 23. Information on these resources can be found on the Maryland Department of Commerce page.
- Maryland Small Business COVID-19 Emergency Relief Loan Fund – This $75 million loan fund (for for-profit businesses only) offers no interest or principal payments due for the first 12 months, then converts to a 36-month term loan of principal and interest payments, with an interest rate at 2% per annum. Learn more.
- Maryland Small Business COVID-19 Emergency Relief Grant Fund – This $50 million grant program for businesses and non-profits offers grant amounts up to $10,000, not to exceed 3 months of demonstrated cash operating expenses for the first quarter of 2020. Learn more.
- Maryland COVID-19 Emergency Relief Manufacturing Fund – This $5 million incentive program helps Maryland manufacturers to produce personal protective equipment (PPE) that is urgently needed by hospitals and health-care workers across the country. Learn more.
- Frequently asked questions about Maryland Covid-19 Emergency Relief Fund Programs for Businesses: Frequently asked questions about these programs can be found here.
- Emergency Vendor Database Form – State of MD – If you are a designated representative of a business that would like to offer the state of Maryland goods or services on a contract or lease basis in connection with the ongoing COVID-19 response, fill out this form.
- Maryland State Arts Council – Emergency Grant – In response to the COVID-19 State of Emergency, the Maryland State Arts Council (MSAC) has created special grant opportunities that provide emergency funding to arts organizations and artists as they adjust to losses sustained because of programming, operations, and events that have been modified or cancelled. Full guidelines are available here.
- Due to unprecedented volumes of claims, the Department of Labor has updated the process for applying for benefits. Please visit Labor’s Unemployment homepage for additional details.
- Calling Local Manufacturing Companies! Montgomery County is interested in sourcing medical supplies and equipment from local manufacturers to help first responders, hospitals, and healthcare workers. If your company can create PPE and medical supplies, please email Sarah Miller and include as much information as possible about the type of product you want to produce.
- Facebook: $100M in Grants for Small Businesses. Facebook is offering $100 million in grants to support over 30,000 small businesses in over 30 countries. They will be accepting applications for grants in the coming weeks.
- Restaurant Employee Relief Fund The National Restaurant Association Education Foundation, the philanthropic arm of the National Restaurant Association has launched a Relief Fund to Give $500 Checks to Restaurant Workers Affected by Coronavirus. Starting Thursday, April 2, restaurant workers can apply for a grant to receive a one-time $500 check within three weeks to use toward housing, medical bills, student loans, groceries, and other expenses. The NRAEF stipulated that these grants would be administered on a “first-come, first-serve basis.”
- New Media Ventures , a 10-year-old investment fund based in San Francisco, announced that it is creating a $1-2 million Crisis Innovation Fund in response to the Covid-19 pandemic. The company is especially eager to hear from startups that are shifting power, building movements, changing narratives, and sparking civic engagement in the face of the current COVID-19 crisis. Learn more and apply Here
- Former Y Combinator head Sam Altman has established a fund to speed the creation of technology and medical innovations to fight the COVID outbreak. He is interested in funding startups working on: Producing a lot of ventilators or masks/gowns very quickly; Screening existing drugs for effectiveness; Novel approaches to vaccines; Novel therapeutics that the big pharma companies are unlikely to work on. Learn More