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Business Financial Assistance Available NOW Through the Federal Government

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

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