BALTIMORE, MD—The United States Treasury and the Small Business Administration are offering programs that will assist Baltimore County’s small businesses during the coronavirus pandemic.
The new Paycheck Protection Program rolls out on Friday, April 3, 2020.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses.
These are loans which may be forgiven under certain conditions. Initial guidelines have been released by the U.S. Treasury specifically for businesses.
Businesses can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, or Farm Credit System institution that is participating. Other lenders will join and enroll in the SBA program.
Most small businesses and non-profits in Baltimore County are eligible. The following Baltimore County entities are eligible:
• A small business with fewer than 500 employees
• A small business that otherwise meets the SBA’s size standard
• A 501(c)(3) with fewer than 500 employees
• An individual who operates as a sole proprietor
• An individual who operates as an independent contractor
• An individual who is self-employed who regularly carries on any trade or business
• A Tribal business concern that meets the SBA size standard
• A 501(c)(19) Veterans Organization that meets the SBA size standard
The program is open until June 30, 2020, however, businesses should apply as soon as possible given the loan cap.
Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and certain other expenses through existing SBA lenders.
Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and certain other expenses through existing SBA lenders.
For questions or assistance, email firstname.lastname@example.org or call 410-887-8000.
For additional information, view the Paycheck Protection Program guide at the U.S. Chamber here.
Guidance for the Paycheck Protection Program is live! We encourage lenders to visit https://t.co/BvYPtkpepG for more details.
— Steven Mnuchin (@stevenmnuchin1) April 2, 2020