Coronavirus Resources (COVID-19) for Businesses and Individuals
The outbreak of coronavirus has us all on edge. The state of Maryland and the federal government has put together great coronavirus resources for both businesses and individuals.
Maryland has a website that is a great resource to get up to date information and statistics on the coronavirus. It can be found at https://coronavirus.maryland.gov/
On the Maryland coronavirus site, you can find the following information:
- Up to date statistics on confirmed cases in a county by county format using a nice Case Map Dashboard (updated at 10am daily)
- Background on the COVID-19 virus, how it spreads and primary symptoms
- Prevention tips
- Current government guidance
- Preparedness tips
- Frequently asked questions on the virushuff
Coronavirus resources for affected businesses
We are getting a lot of questions from our business clients asking if their business income insurance will cover their losses due to the government shutdowns of their business. The short answer is that there would be no coverage because there was no direct physical loss to the business property or location. Nancy Nicklow wrote a blog that is worth the read on this subject titled – Coronavirus- Will My Business Income Insurance Pay If I Have To Shut Down My Business Because Of The Coronavirus?
We were provided a few of great resources from the Maryland Department of Commerce and the Small Business Administration. So although there may not be insurance coverage to cover losses, there may be help and assistance from the federal government to help you survive this unique period in time.
The Maryland insurance administration issued and advisory on business interruption insurance as it relates to the coronavirus pandemic. Click here to read the advisory.
Governor Hogan has ordered all non-essential business to close as of 5pm on 3/23/2020.
Here are a couple of resources to see if you are a business affected by the closure:
The Governor also stated that Maryland has waived the waiting period for unemployment and it is available to business owners who have had to close their doors if eligible. Here is the link for the MD unemployment.
Maryland Department of Labor Resources:
Governor Larry Hogan and the Maryland Department of Labor have launched the new COVID-19 Layoff Aversion Fund, which is designed to support businesses undergoing economic stresses due to the pandemic by preventing or minimizing the duration of unemployment resulting from layoffs. The award (up to $50,000 per applicant), will be a quick deployable benefit and customizable to the specific needs of your business to minimize the need for layoffs.
Labor is accepting grant applications from small businesses for awards from now through 30 days after the State of Emergency ends (subject to funding availability).
Kelly Schulz, the Maryland Secretary of commerce, provided the following coronavirus resources:
FROM KELLY SCHULZ, Maryland Secretary of Commerce
I highly recommend that all of your impacted businesses go to https://businessexpress.maryland.gov/
It is a portal that was set up Friday and we are posting all updated information as we receive it. Additionally, please have your clients use Secretary.Commerce@maryland.gov to ask specific questions. This is a collaborative effort for all agencies to be able to quickly and collaboratively answer questions. Their are FAQs on the portal. If you could help to widely distribute this information, it would be greatly appreciated. Obviously, thousands of businesses have the same questions and concerns and we need to address them all.
Thank you, thank you, thank you for getting this in front of them and their staff. Trust me….it will save them so much time because everyone has a question right now.
They have also released several programs for small business relief here: https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-fund-programs
The Baltimore office of the Small Business Administration provided the following COVID-19 resource:
FROM THE SBA – Baltimore Office
Our contact at the SBA sent this link and advised that SBA loans would fall under the category of the Economic Injury Disaster Loan Program. This program provides small businesses with working capital loans of up to $2 million to give you vital economic support to help overcome the temporary loss of revenue you are experiencing.
Here is the link for the Disaster Loans: SBA.gov/Disaster.
What we are facing right now is unprecedented during our lifetime. It is a very fluid situation and things are changing by the hour.
Staying informed is more important now than ever. There is still a lot of uncertainty as to where this virus will be taking us.
Knowing what coronavirus resources are available to us can help us navigate through these tough time. We will do our best to push out what we know as we get to know it.
If there is anything we can do for you during these trying times, please let us know.