WASHINGTON COUNTY CHAMBER OF COMMERCE
MD DOC Grant and Loan programs are now closed for an indefinite period of time. The State received over 39,500 applications for their grant and loan programs and expect the dedicated funds to be exhausted with eligible applications that they have already received. Their reviewers are processing the applications in order to disburse these funds into our business community as quickly and accurately as possible. They plan to keep the programs in place should additional money become available to refund them, but there’s no guarantee at this time for more funding.
The Chamber of Commerce wants to hear about the challenges you are having filing for state and federal loans and grants. The Chamber created a survey to gather feedback from businesses on the specific challenges they are having filing applications for state and federal relief programs, as well as filing for unemployment for your employees. If you have had problems and challenges or have suggestions to improve the system, please consider taking this short survey. The EOC’s business response team will be using you feedback to inform federal and state officials in an effort to improve the application processes. To fill out the survey, go to: https://docs.google.com/forms/d/e/1FAIpQLScZbCeF4H4CkJb9XZR7d4bd4GX66OXgs6YGGXv5–TKbtRosQ/viewform
Application Process for Payroll Protection Program Loans (PPP) Now Open
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. The application process for eligible businesses and nonprofits interested in the PPP Program started Friday, April 3rd, and is expected to start for independent contractors and those who are self-employed on April 10th. You must apply for these loans through a participating bank.
Please note, that the specifics and guiding documents behind the PPP program are a fluid issue and some things that are still being worked out. The banks just received the main guiding documents late Thursday evening and had more adjustments came Friday morning. Many banks will need time to sort through the information and educate their staff, so please be patient as these application processes are rolled out and refined.
The Department of the Treasury is advising small businesses “to apply as quickly as you can because there is a funding cap to the program” and the expectation for a significant volume of applications. It is also recommended that businesses and nonprofits first contact their bank to see if they are SBA certified, let them know their desire to apply, and learn about their bank’s internal process in handling customers for these loans. Due to expected volume, some banks are addressing their current customers prior to taking on any new ones. A list of participating lenders as well as additional information may be found at www.sba.gov
In addition, businesses should consider contacting their accountant for assistance with gathering the necessary information and paperwork, as well as advice on whether they are applying for the best SBA programs given their specific circumstances.
Finally, due to the number of visitors there could be breakdowns when accessing some pages on the SBA website or filling out online applications. Please be patient with your banks and SBA as they work to handle a volume of SBA business over ten times more than a normal year.
For more details:
The time to support local restaurants through carry-out and delivery service is NOW. More than ever, they’re depending on this community to help them stay afloat. Please visitwww.hagerstown.org/restaurants
to review some area options when it comes to eating out safely!