Coronavirus (COVID-19): Updates, Information, and Resources for Small Businesses
- SBA’s Economic Injury Disaster Loans (EIDLs): Small businesses in DC, Maryland, Virginia and Puerto Rico can now apply for SBA’s working capital loans to help alleviate economic injury caused by the pandemic.
- Deferment on Existing SBA Disaster Loans: On Monday, March 23, 2020, SBA Administrator Jovita Carranza announced they will defer existing disaster loans through December 31, 2020. Businesses that are currently paying off these loans do not need to contact the SBA, deferment is automatic.
- Facebook Small Business Grants Program: Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses. Grants can be used for a variety of purposes, including to help with rent and operational costs.
- US Chamber Save Small Business Fund: The US Chamber of Commerce Foundation has announced a new $5,000 grant program for businesses with 3 to 20 employees. Businesses must be located in distressed zip codes and be able to prove they have been harmed financially by the COVID-19 pandemic. To check if your business qualifies, please visit savesmallbusiness.com.
- Tax Filings and Payment Deadline Extension: On Monday, March 23, 2020, Mayor Bowser and Chief Financial Officer DeWitt announced 2019 tax filing and payment deadlines have been extended to July 15, 2020. The federal filing and payment deadline has also been extended to July 15, 2020.
- Business Licensing & Permitting Extension: Any business licenses, professional/occupational licenses, vending licenses, etc. that expire during the declared emergency will be considered valid, and people will have until 45 days after the declared emergency is over to renew their licenses.
- COVID-19 Emergency Sales and Use Tax Relief: The Office of Tax and Revenue (OTR) is waiving interest and penalties that would ordinarily be considered for failure to pay sales and use tax due for periods ending on February 29, 2020, and March 31, 2020, provided certain conditions are met.
- Maryland Small Business COVID-19 Emergency Relief Grant Fund: The state of Maryland has announced a $50 million grant fund to support small businesses and nonprofits during the pandemic. The COVID-19 Emergency Relief Grant Fund offers working capital to assist small businesses in MD who have seen a disruption in their operations due to COVID-19. Grants can be used by businesses for a variety of purposes, including to support payroll expenses, rent, mortgage payments, and utility expenses.
- COVID-19 Layoff Aversion Fund (Grant): Businesses in Maryland can also apply for the COVID-19 Layoff Aversion Fund to implement strategies that help prevent or minimize layoffs due to the pandemic. Businesses with 500 or fewer employees can apply for grants of up to $50,000, which can be used for a variety of purposes, including to cover the cost of purchasing remote access equipment or other strategies to mitigate potential layoffs or closures.
- Montgomery County Public Health Emergency Grant: The $20 million grant program is for Montgomery County small businesses and nonprofits devastated by the pandemic.
- Takoma Park Small Business Mini-Grant: The City of Takoma Park, Maryland has established a citywide Small Business Mini-Grant Program to provide emergency assistance to small businesses impacted by the COVID-19 pandemic. The city will issue grants of up to $3,000 per business for their immediate needs.
- Maryland Small Business COVID-19 Emergency Relief Loan Fund: The $75 million loan fund is available to for-profit businesses in MD with fewer than 50 employees. Businesses can apply for loans of up to $50,000 which can be used to support payroll expenses, rent, mortgage payments, and utility expenses.
- Business Tax Payments Extension: Businesses in Maryland will be given a 90-day extension for tax payments. No interest or penalty for late payments will be imposed if 2019 tax payments are made by July 15, 2020.
- Business Tax Filing Deadline Extension: The Maryland Comptroller’s Office also extended business-related tax filing deadlines to June 1, 2020.
- Business Licensing & Permitting Extension: Maryland Governor Larry Hogan issued an executive order mandating all licenses, permits, and registrations that would expire during the current state of emergency to be extended until at least the 30th day after the state of emergency is lifted.
- Emergency Layoff Aversion Assistance Program: An up to $7,500 grant for employers eligible to remain open during the COVID-19 emergency. Funds can be used for a variety of purposes including paying for cleaning/sanitization service, purchase software/online programs to allow employees to work from home, and purchase an online sales platform.
- Business Tax Payments Extension: The Virginia Department of Taxation has extended the due date of payment of corporate income taxes to June 1, 2020.
- Sales Tax Payment Extension: Businesses can also request to defer the payment of state sales tax due March 20, 2020, for 30 days. If granted, businesses will be able to file no later than April 20, 2020, with a waiver of any penalties.
- Puerto Rico Department of Economic Development and Trade Incentive: Small businesses in Puerto Rico can apply for a $1,500 incentive to help them survive the pandemic.
- Kiva Small Business Loan: Kiva in PR has launched a new 0% interest loan product for small businesses impacted by Covid-19. Businesses can start repaying the loan 6 months after receiving the money. The life of the loan repayment is 36 months, which starts counting after the 6-month grace period.
- Artist + Activist Relief Fund: The Soze Foundation, TaskForce and Invisible Hand are supporting artists and activists whose work has been impacted by COVID-19 by dispersing grants from $250-$750 to selected applicants on an on-going basis.