COVID-19 Resources for Individuals & Small Businesses

CARES Act

    1. CARES Act Summary: An overview of the $2 trillion stimulus package passed by the House and Senate and set to be signed into law. https://woodscpa.net/wp-content/uploads/2020/03/CARES-ACT.pdf
    2. Top SBA Lenders in Maryland: https://www.sbalenders.com/top-sba-lenders-maryland/
    3. Paycheck Protection Program FAQ for Small Businesses: https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf

Federal 

    1. H.R. 6201 Families First Coronavirus Response Act: Overview of Employer Paid Leave Requirements and Tax Credit Provisions https://www.natptax.com/TaxKnowledgeCenter/IRS%20Tax%20Resources/HR6201OverviewPaidLeave.pdf?inf_contact_key=3ac3ed1efd67294007952d1bca8026ba680f8914173f9191b1c0223e68310bb1
    2. SBA Disaster Assistance: The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. https://www.sba.gov/funding-programs/disaster-assistance
    3. SBA Small Business Guidance & Resources: The SBA encourages small businesses to play their part to keep the community safe and healthy, while maintaining their own economic viability. https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
    4. How to Get Help from the Families First Coronavirus Response Act: Resource for employees and employers regarding recent federal legislation to help support those affected by COVID-19. https://www.ellevest.com/magazine/personal-finance/families-first-coronavirus-response-act?ev_utm_campaign=pe&ev_utm_content=market-update-2020-03-23&utm_medium=email&utm_source=subscriptions&utm_content=body
    5. Temporary Suspension of Federal Student Loan Payments:  https://www.forbes.com/sites/adamminsky/2020/03/26/heres-what-the-stimulus-doesand-does-notdo-for-student-loan-borrowers/#2cf8c9077e32
    6. Filing & Payment Deadlines:  https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers
    7. Employer Credit for Paid Family & Medical Leave: Internal Revenue Code Section 45S provides a tax credit for employers who provide paid family and medical leave to their employees. https://www.irs.gov/newsroom/section-45s-employer-credit-for-paid-family-and-medical-leave-faqs


State

  1. Maryland COVID-19 Emergency Relief Fund Programs for Businesses: Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been negatively impacted by the Coronavirus (COVID-19). https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-fund-programs
  2. Maryland COVID-19 Emergency Relief Fund Program FAQ: https://docs.google.com/document/d/1MJ3NqmX41YFcBaiRgpbDK9OTgk5G9qICbNdWl9El5mo/preview#heading=h.ljucqvc94qte
  3. COVID-19 Layoff Aversion Fund: Governor Larry Hogan and the Maryland Department of Labor have launched the new COVID-19 Layoff Aversion Fund, which is designed to support businesses undergoing economic stresses due to the pandemic by preventing or minimizing the duration of unemployment resulting from layoffs. https://www.dllr.state.md.us/employment/covidlafund.shtml


State Unemployment

  1. Maryland’s Unemployment Insurance Initial Claim System https://secure-2.dllr.state.md.us/NetClaims/Welcome.aspx


Mortgage

  1. Maryland Freezes Pending Residential Foreclosure and Eviction Cases https://www.heraldmailmedia.com/news/special/coronavirus/maryland-freezes-foreclosure-eviction-cases/article_241515e3-0689-55e7-9707-3faab133c0a0.html
  2. Fannie Mae & Freddie Mac Instructs Servicers to Offer 12-Month Moratoriums on  Mortgage Payments https://www.marketwatch.com/story/some-homeowners-and-renters-will-get-a-break-from-the-coronavirus-financial-fallout-2020-03-18


Healthcare

  1. Maryland Health Connection Emergency Enrollment Period for Uninsured Residents https://www.marylandhealthconnection.gov/
  2. Maryland Continuation Selection Form: If you find that you need to lay off employees, Carefirst offers an option for Maryland Continuation Administration. Maryland Continuation is similar to Cobra but is for workers of companies that have less than 20 employees. By using the administration services that Carefirst offers for Continuation, you wouldn’t have to worry with complying with the complex rules or with handling the billing of any former employees who want to maintain their health insurance. The Carefirst Service is offered at a low monthly fee (minimum $35), and they take responsibility both for correctly administering the Continuation and for billing the employees separately. https://employer.carefirst.com/carefirst-resources/pdf/selection-form-continuation-of-group-coverage-for-those-groups-not-eligible-for-cobra.pdf