Small Business Administration (SBA) Disaster Loan - Update from AAEDC:
Stephen Primosch
Vice President, Financial Services
Anne Arundel Economic Development Corporation
2660 Riva Road, Suite 200
Annapolis, MD 21401
(p) 410-222-7410 (f) 410-222-7415
Update on the SBA Disaster Loan. For the SBA disaster declaration, the Maryland State Department of Commerce submitted the application on behalf of the entire state yesterday. In speaking to the SBA, the application is expected to be approved today or tomorrow. After that is done companies can apply at https://disasterloan.sba.gov/ela/Account/Login I was told by Ed Knox (Deputy Director, SBA Baltimore office) that there is plenty of funding (in the billions). The $20M in the first bill was for administrative costs of setting up the program. The anticipated turn around time for small business applications is 21 days.
Employer & Employee Assistance
Additional assistance is available for employers & employees including taxes, unemployment assistance, etc. through the Maryland Department of Commerce: https://businessexpress.maryland.gov/coronavirus
Possible Rainy Funds - Per Comptroller Franchot's Office
These funds, whatever they end up being, will be distributed by the Maryland Department of Commerce most likely. I would direct business owners to this site: https://businessexpress.maryland.gov/coronavirus