The State of Maryland was approved on March 19, 2020 for the SBA EIDL program, meaning that small businesses may apply immediately to receive low interest loans up to $2 million to cover operating expenses incurred during the COVID19 outbreak.

Eligibility: Restaurants, retailers, hotels, recreational facilities, charter boats, manufacturers, owners of rental property, wholesalers, non-profits, and others. 

Use of Funds:  Fixed debts, payroll, accounts payable, and other bills that could have been paid had the COVID-19 emergency not occurred.

Terms:   The interest rate will be 3.75% for up to 30 years (2.75% for non-profits), and the first payment can be deferred for five months in most cases.

SBA small business Definitions:

Grant amounts will be based on the projected loss in revenue during the emergency period.  Click here to get Information and apply on line:  disasterloan.sba.gov/ela/Information/EIDLLoans

The Small Business Administration also has a Customer Service Center that can be reached at 800-659-2955 or email at disastercustomerservice@sba.gov.

Please allow at least 30 days for the application review process.

Please contact St. Mary’s County Economic Development Staff if you have any questions