Business Financial Assistance Available NOW Through the Federal Government
The State of Maryland was approved on March 19th for the SBA EIDL program, meaning that small businesses may apply immediately to receive low interestloans up to $2 million to cover operating expenses incurred during the COVID- 19 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:
Food Services and Accommodations: restaurants, generally less than $8 million in average annual receipts; hotels, generally less than $35 million in average annual receipts
Retailers: varies by type from less than $8 million in annual receipts up to about $40 million
Manufacturers: varies by type but generally less than 500 employees Wholesalers: varies by type but generally less than 100 employees
Grant amounts will be based on the projected loss in revenue during the emergency period. Click here to get information and apply online: 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 firstname.lastname@example.org.
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
Chris Kaselemis (240) 538-8948,
Katherine Stormont (240) 587-8156
Kellie Hinkle (240) 925-7178
Destiny Allen (240) 538-2744,
Sue Veith (240) 925-7947
Casey Guidry (240) 925-5932,