Good Morning to all Schiff Clients,
I hope each of you are well and safe and healthy!
Today at 12 Noon, I will be sharing my understanding of the CARES ACT along with the Applications for Funds within the State of MARYLAND (Instructions for Maryland are below). For the Maryland Application, you will need the following:
- Federal ID#
- Maryland Unemployment #
- SIAC # (621210)
- Attach a IRS Form W-9
- Attached 2 Years of Profit & Loss Statements
- Attach the MSDA e mail from 03.17.20, recommending you close your Dental Practice
To sign up for the 12 Noon webinar, please register here >> https://www.msdaf.org/assetprotectioncourse?utm_source=MSDA+Webinars+-+COVID-19+Update&utm_campaign=MSDA+Webinars+-+COVID-19+Update&utm_medium=email
Here are the details as well as the hyper links for the MARYLAND Application
For Your Business
Maryland Small Business COVID-19 Emergency Relief Loan Fund
The COVID-19 Emergency Relief Loan Fund is being administered by the Maryland Department of Commerce. It offers $75 Million of working capital to assist for-profit small businesses with less than 50 full- and part-time employees that are experiencing disrupted operations due to COVID-19. Eligible uses include working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses related to the ordinary course of business operations. General terms and conditions include the following:
- Loans up to $50,000 (not to exceed three months of cash operating expenses).
- 0% for the first 12 months; 2% for the remaining 36 months.
- Deferral of any payments for the first 12 months, and straight amortization beginning in the 13th month through the 36th month.
- Business must be established prior to March 9, 2020 and in good standing.
- Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees).
- Two years of historical financial statements and most recent interim statement to benchmark revenue against (if available).
- Six month pro forma of estimated lost revenue or other documented loss evidence.
- Minimum personal credit score of 575.
- No collateral requirements.
These funds are intended to provide interim relief, complementing actions with your bank, business interruption insurance provider, and other financial partners. Use the links below to view more information and to access the online application.
COVID-19 Emergence Relief Loan Fund Webpage
COVID-19 Emergency Relief Loan Fund Application (UPDATED LINK)
Maryland Small Business COVID-19 Emergency Relief Grant Fund
The COVID-19 Emergency Relief Grant Fund is being administered by the Maryland Department of Commerce. It offers $50 Million of working capital to assist small businesses and nonprofit organizations with less than 50 full- and part-time employees that are experiencing disrupted operations due to COVID-19. Eligible uses include working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses related to the ordinary course of business operations. General terms and conditions include the following:
- Grants up to $10,000 not to exceed three months of cash operating expenses for Maryland businesses and nonprofits impacted by the COVID-19 with 50 or fewer employees.
- Must be established prior to March 9, 2020.
- Business must be in good standing.
- Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees).
- Annual Revenues of the business or nonprofit not to exceed $5 million as evidenced by Financial Statement or other financial documentation.
These funds are intended to provide interim relief, complementing actions with your bank, business interruption insurance provider, and other financial partners and the participant is expected to seek longer term funding through another source. Applications are being accepted online. Use the link below to apply.
COVID-19 Emergency Relief Grant Fund Webpage
COVID-19 Emergency Relief Grant Fund Application (UPDATED LINK)
If you are in need of your two (2) years Profit & Loss Statement, please email your Schiff Team Member directly and they will be happy to help you!
Please stay safe and healthy
My best to all
Allen
