Client Alert: Financial Help for Nonprofits in the State of Maryland given COVID-19
On March 23, 2020, the Governor of Maryland announced that there is additional help for Maryland nonprofits. Maryland has authorized $130 million in loan and grant funding to organizations, including nonprofits that have been negatively impacted by the Coronavirus (COVID-19). “This emergency assistance provides interim relief and proceeds that can be used to pay cash operating expenses including payroll, suppliers, rent, fixed debt payments and other mission critical cash operating costs.”
In order to be eligible for grant funding of up to $10,000, the organization must have been formed before March 9, 2020, have fewer than 50 employees and gross revenue of less than $5 million.
You can find the grant application and more details on the State’s emergency relief fund programs here
Finally, as a practical matter, some nonprofits may find it beneficial to connect directly with their primary banking relationship. Banking institutions seem to provide loans that may be under the $50,000 range. Check with you primary lender to see if this option could be right for you.
The information contained here is not intended to provide legal advice or opinion and should not be acted upon without consulting an attorney. Counsel should not be selected based on advertising materials, and we recommend that you conduct further investigation when seeking legal representation.