Queen Anne’s County Small Business Assistance & Recovery Fund
ATTENTION – The program has been RE-OPENED until September 30, 2020 or until funds have been exhausted!
About the Program:
Funding for the Queen Anne’s County Small Business Assistance and Recovery Fund was provided by the Coronavirus Relief Fund established under the Federal CARES Act. Each County within the State of Maryland was awarded funds to address expenditures related to the COVID-19 pandemic. Queen Anne’s County Board of Commissioners voted to establish a $2.5 Million Recovery Fund to provide grant funding to County businesses directly affected by the COVID-19 Pandemic.
The program will be administered by the QAC Department of Economic and Tourism Development. It is projected that grant awards will be awarded in the range of $1,000-$10,000. Greater amounts may be awarded to businesses with larger employee counts and demonstrated need. The goal of the QAC Small Business Assistance and Recovery Fund is to aid businesses with expenses associated with re-opening as outlined in the Maryland Roadmap to Recovery. These funds are to be utilized for purchasing PPE and other supplies necessary to meet the CDC recommended requirements, costs related to adjustments necessary to meet social distancing recommendations and operating expenses including payroll, inventory, rent, and utilities.
Queen Anne’s County understands that its businesses have been adversely, and severely impacted by the restrictions enacted due to COVID-19 and have therefore developed a program specifically to meet the needs of our businesses during the economic recovery. A maximum grant award has not been established; however, it is projected that the average grant award will be equal to or lesser than $10,000.
Grant applications will be accepted until September 30, 2020. Should the program run out of funds before the end of this time period the public will be notified, and the application will be closed. For this reason, we encourage you to please apply as early as possible.
Due to the anticipated volume of applicants, incomplete applications will be rejected without further review.
Use of Funds:
· Purchase/reimbursement of PPE and other supplies necessary to meet the CDC recommended requirements.
· Costs related to adjustments necessary to meet social distancing recommendations.
· Up to one month of payroll expenses including employer portion of payroll taxes.
· Purchases of supplies and inventory needed to stock business for reopening.
· Up to 3 month’s rent.
· Other critical operating expenses.
NOTE: Should recipient fail to utilize the Grant for approved expenses, or fail to provide sufficient documentation of approved expenditures of the Grant by December 31, 2020, the Grant shall be repayable in sixty (60) equal monthly payments of principal and interest at the rate of 3.75% per annum. The first payment shall be due February 1, 2021, and on the same day of each month thereafter until paid in full.
· Principal business office or location must be physically located in Queen Anne’s County.
· Company must be in good standing with the State of Maryland.
· Business meets U.S. Small Business Administration definition of a small business.
· Company must not be in default of any County loan programs in the past or present.
· Business must be established before 12/31/2019, new business ventures are not eligible.
· Must provide details of business disruption due to COVID-19 closures and restrictions.
· For-Profit and Non-profit entities are encouraged to apply. Ineligible industries are similar to those not eligible for SBA 7a program, EXCEPT FOR NON-PROFITS. For a list of ineligible businesses click here
· Sole-Proprietors, Independent Contractors, Partnerships, LLC’s and Corporations are eligible to apply.
· Non-profits are eligible to apply however preference will be given to those that have employees.
Other Important Requirements:
· Guarantees will be required by those owning 20% or more of the business.
· Upon approval, a W-9, vendor application, copy of the license for signers, and grant agreement will be required before funds are dispersed.
· By 12/30/2020 grant awardees will be required to supply documentation as proof funds were spent as agreed. Documentation can include, receipts, invoices, copies of canceled checks, payroll reports, and financial statements. Notification will be sent out by 10/1/2020 as a reminder of the deadline. Early documentation will be accepted.
How to Apply:
· Review the loan application checklist, and gather all necessary information before completing the application.
· Retain a copy of your application for future reference.
· Download and complete the required documents prior to submitting your application.
· Attach all required documentation items within the application portal.
· Incomplete applications will not be considered.
· If you have questions visit our Frequently Asked Questions (FAQ’s).
· For additional questions, please contact firstname.lastname@example.org