Small Business Administration Approves Federal Disaster Assistance for Maryland
In response to a letter sent earlier today from the Maryland congressional delegation to the Small Business Administration (SBA) urging approval of the state’s request for a disaster declaration from the SBA related to the novel Coronavirus (COVID-19) pandemic, the request was approved. The delegation, including U.S. Senators Chris Van Hollen and Ben Cardin, and Congressmen Steny H. Hoyer, C.A. Dutch Ruppersberger, John P. Sarbanes, Andy Harris, M.D., Anthony G. Brown, Jamie B. Raskin and David Trone have been united in working to ensure the safety and economic security of Marylanders and small businesses during this crisis.
“Maryland small businesses are fighting for survival. The severe, but necessary, protective measures put in place across the state have had immediate, adverse impacts on small businesses and employees,” the lawmakers said. “SBA disaster assistance will inject much-needed capital into our local economy and should help Maryland small businesses stave off the need to reduce staff working hours, lay off workers, suspend regular business operations, or close down their businesses completely.”
The disaster declaration for Maryland can be found here.
The declaration makes Maryland small businesses that are unable to secure capital in the private market eligible for Economic Injury Disaster Loans (EIDL) of up to $2 million. The loans offer below-market interest rates and long-term repayment plans of up to 30 years, and may be used to pay debts, payroll, and other bills. More details on the resources available now available to Marylanders from the SBA can be found here.
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