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 email@example.com.
Please allow at least 30 days for the application review process.
- Chris Kaselemis (240) 538-8948, firstname.lastname@example.org
- Katherine Stormont (240) 587-8156 Katherine.email@example.com
- Sue Veith (240) 925-7947 firstname.lastname@example.org
- Casey Guidry (240) 925-5932, email@example.com
- Kellie Hinkle (240) 925-7178 firstname.lastname@example.org
- Destiny Allen (240) 538-2744, email@example.com
Please contact St. Mary’s County Economic Development Staff if you have any questions