On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law. The CARES Act is the third piece of legislation from Congress in response to the COVID-19 pandemic. The CARES Act establishes an unprecedented $2 trillion aid package for U.S. citizens, workers, and businesses.
In addition to the COVID-19 federal aid package, Prince George's County and the State of Maryland are providing vital resources and relief for area businesses. To assist our members, partners, and area businesses, Experience Prince George's has gathered important information and resources within our COVID-19 BUSINESS RESOURCES PAGE.
Use the RED LINKS provided throughout to learn more about programs, resources and loans available to Prince George's County businesses impacted by COVID-19, as well as initiatives through Maryland's Department of Commerce, and the federal government.
Information is indeed power, so we welcome you sharing our ExPGC COVID-19 BUSINESS RESOURCES PAGE with associates and other businesses in Prince George's County and the area. Simply click the SHARE button, top right of this page - to PRINT, EMAIL, and share on your SOCIAL MEDIA PLATFORMS..
PRINCE GEORGE’S COUNTY PROGRAMS:
The Prince George’s County COVID-19 Business Relief Fund is a $15M fund established to provide financial assistance to businesses affected by the COVID-19 crisis. The Relief Fund can be used to support cash operating expenses including payroll, suppliers, rent, fixed debt payments and other business critical cash operating costs.
The Maryland Department of Commerce is offering three new business assistance programs in response to the COVID-19 pandemic:
Maryland Small Business COVID-19 Emergency Relief Loan Fund - This $75 million loan fund offers no interest or principal payments due for the first 12 months, then converts to a 36-month term loan of principal and interest payments, with an interest rate at 2% per annum.
Maryland Small Business COVID-19 Emergency Relief Grant Fund - This $50 million grant program offers grant amounts up to $10,000, not to exceed 3 months of demonstrated cash operating expenses for the first quarter of 2020.
Maryland COVID-19 Emergency Relief Manufacturing Fund - This $5 million incentive program helps Maryland manufacturers to produce personal protective equipment (PPE) that is urgently needed by hospitals and health-care workers across the country.
Please visit our Emergency Relief Fund FAQ for any questions you might have about these programs. If you have other questions or concerns about these funds, please email firstname.lastname@example.org.
U.S. SENATE COMMITTEE ON SMALL BUSINESS & ENTREPRENEURSHIP
U.S. TREASURY DEPARTMENT
U.S. TRAVEL ASSOCIATION: