Congressman John Sarbanes (D-Md.) today joined the Maryland Congressional Delegation in announcing that the U.S. Small Business Administration (SBA) has approved federal disaster assistance for Maryland small businesses affected by the novel coronavirus (COVID-19).
The announcement comes after the Maryland Congressional Delegation urged the SBA to approve the state’s request for a disaster declaration.
“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 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 up to $2 million in Economic Injury Disaster Loans. 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. See here for more information about the SBA resources now available to Maryland businesses.