Updates from Maryland’s Department of Commerce

Governor Hogan has amended his Stay at Home order to broaden the list of permitted outdoor activities to include individual and small group sports such as golfing, tennis, and similar activities; outdoor fitness instruction; recreational fishing and hunting; recreational boating; and horseback riding. These change took effect today, Thursday, May 7 at 7:00 a.m.

COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs

Need PPE Supplies? New Site: www.marylandmanufacturingnetwork.com has separate tabs for suppliers and buyers. The State Department of Commerce joined with the Maryland Manufacturing Extension Partnership (MD MEP) to create the Maryland Manufacturing Network Supplier Portal. Those looking to purchase essential items can use the website’s search feature to find products ranging from face masks and gowns to reagents and cotton swabs. Suppliers can fill out a survey listing what they already produce or requesting help to switch over to making essential items.

Important Updates Regarding Loan Forgiveness Calculations and Returns 

On May 5, 2020, the Small Business Administration (“SBA”) and U.S. Treasury revised their FAQ concerning the CARES Act and the Paycheck Protection Program. This new guidance clarifies PPP loan forgiveness amount calculations and extends the deadline for PPP borrowers to return loan proceeds. (FAQ also attached)

If you didn’t get funding from PPPL, take a look at this tax credit from the IRS as another funding source. https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act

EIDL open again – but only for eligible agricultural businesses. At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying. Eligible agricultural businesses may apply for the Loan Advance here.