BFJ Financial Group recognizes that the COVID-19 pandemic has had an economic impact on all of our lives and we are committed to helping you work through these stressful times. Our last email provided information regarding the Maryland Small Business COVID-19 Emergency Relief Loan Fund and the Maryland Small Business COVID-19 Emergency Relief Grant Fund. In addition to those two emergency funds the state of Maryland also offers relief to help businesses minimize the need for layoffs through the following program:
Maryland COVID-19 Layoff Aversion Fund – The Maryland Department of Labor has launched a program designed to provide relief for businesses to help them minimize the need for layoffs caused by the pandemic. Businesses with 500 or fewer employees may be eligible for up to $50,000 in relief based on their specific needs. The program may cover pandemic-related costs such as the purchase of remote access equipment to allow employees to work remotely, the cost of cleaning and sanitization as well as other costs incurred to reduce or eliminate layoffs. The relief comes in the form of a grant, not a loan, meaning businesses are not required to repay any funds received. The Department of Labor is accepting applications for relief from now until 30 days after the State of Emergency in Maryland ends. See the attachment for more details regarding eligibility, pandemic-related costs and examples of how businesses may demonstrate their need for relief. More info can be found here
We are available to answer your questions or assist you regarding this program. We will continue to update you on this program and other coronavirus-related economic issues in the coming days as more information becomes available.
Hoping you and your family remain safe and healthy during this extraordinary period,Back to Tax News