Mayor Craig A. Moe is pleased to pass along the following information regarding additional funding for Small Businesses affected by the COVID-19 pandemic:
Tuesday night, Congress passed an over $400 billion deal that will help replenish the depleted small business programs.
- The Economic Injury Disaster Loan – this is a loan advance of up to $10,000 to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. For those small businesses that were not able to take advantage the first time around, visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance to learn more about the Economic Injury Disaster Loan. If their website is not showing the change in funding yet, please keep checking back.
- Paycheck Protection Program – this is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. You must go through your local bank or financial institution. If you have not filed an application, with the funding restored for this program, please consider contacting your lending institution to begin one. Visit the SBA's PPP webpage, https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp - for more information about this program. Again, if their website is not showing the change in funding yet, please keep checking back.
- Prince George’s County also has a loan and grant program called the Prince George's County COVID-19 Business Relief Fund, available for eligible business that are a for-profit entity, have employees, and are located in the County. To apply for this County funding you will need to show that you have explored federal and state resources before applying. You can find out more about this program at https://www.pgcedc.com/covid-business-fund-2020.