When President Ronald Reagan announced massive financial aid for America’s farmers in 1984, he famously said that “the nine most terrifying words in the English language are: I’m from the Government, and I’m here to help.” Those words have been a mantra for me– and likely for you– ever since.
Today, as Maryland businesses work to overcome the challenges presented by COVID-19, I am also remembering what President Reagan said just a sentence or two later: that despite our profound belief in economic independence for all Americans, “the Government must act compassionately and responsibly” under dire circumstances.
As Republicans, you and I don’t believe in government hand-outs — but we do know when it’s time accept help up.
With that in mind, I am writing to make sure that you and your family are aware of the many ways in which our leaders at the State and Federal level have authorized financial help for your small business and employees.
Whether you own a retail shop on Main Street, run a thriving landscaping team or consulting firm, or are self-employed, you can apply for funds to help see your business through this crisis. I know that our Republican self-reliance, grit and pull-it-up-by-the-bootstraps spirit will ensure that America gets back on track in record time– with a little help in the meantime from, yes, the government:
Relief Offered by Governor Hogan’s Administration:
Borrow up to $50,000 through the Maryland Small Business COVID-19 Emergency Relief Loan Fund with no interest or principal payments due for the first 12 months. Learn more.
Receive up to a $10,000 GRANT through the Maryland Small Business COVID-19 Emergency Relief Grant Fund.
Relief Signed By President Trump:
You can apply for a forgivable loan through the Paycheck Protection Program (PPP) to cover eight weeks of your payroll costs and most mortgage interest, rent, and utility costs. Applications for businesses with payroll are being accepted by banks now, and applications for self-employed individuals will be accepted starting this Friday, April 10.
Borrow funds quickly to see your business through with an
SBA Express Bridge Loan or an Economic Injury Disaster Loan advance of up to $10,000.
Expanded Unemployment Benefits under the CARES Act. See if you or your part-time, freelance, or 1099 workers are eligible and apply here.
I encourage you and your employees to apply for all of the financial reprieve for which you are eligible.
I hope these resources prove helpful to you, your businesses, and your families as we work through the current headwinds. I am confident our shared entrepreneurial spirit will lead us to emerge from this stronger than ever.
P.S. If you are not a business owner or employer at this time, please forward this to any family member or friend who is. Our country needs its job-creators to emerge from this crisis ready to hire, produce, and work smarter than ever before– and no business can do that if it goes under due to COVID-induced financial duress.