Small Businesses Hit by COVID-19 Eligible to Apply for Federal Assistance
Mayor Young sought Gov. Hogan’s help, and the State quickly applied for the federal disaster loan program.
BALTIMORE, MD. — Mayor Bernard C. “Jack” Young received word from the Hogan Administration that small businesses in Baltimore City are eligible to apply for millions of dollars in funding through the federal Economic Injury Disaster Loan Program (EIDL).
According to the U.S. Small Business Administration (SBA), the loans are designed to reduce financial burdens and allow small businesses to pay bills, meet payroll, and accounts payable, with long-term payments stretching up to 30 years. Small businesses and private non-profit organizations can apply directly to the SBA for financial assistance here.
With the designation, the SBA will work directly with states to provide targeted, low-interest disaster recovery loans to small businesses and non-profits impacted by COVID-19. These “Economic Injury Disaster Loans” will offer up to $2 million in assistance to help bolster small businesses.
“Small businesses represent the backbone of Baltimore’s local economy, and anything we can do to help lessen the blow caused by COVID-19 is welcome news,” Mayor Young said. “I want to thank Gov. Hogan for quickly applying for the designation. He assured me on Friday, after I sent him an official request, that he would pursue the federal program and we appreciate his partnership during this difficult time for our residents and business owners.”
The Baltimore Development Corporation (BDC), the City’s economic development arm, is currently assisting local businesses with navigating federal and state resources. BDC is working with the Federal Reserve Bank of Richmond, SBA, Maryland Department of Commerce, and regional partners to determine the best ways to assist small businesses impacted by COVID-19. If you are an impacted business in Baltimore City, please be sure to complete this survey.
Baltimore is home to more than 12,000 small businesses, according to BDC.