Insights

Resources for Maryland Businesses

PKS CPA

Below are some resources provided by a number of federal and state government agencies that Maryland businesses may find helpful. 

This list will be updated as we learn of additional resources.

FINANCIAL ASSISTANCE & TAXES

  • President Donald Trump announced that the U.S. Small Business Administration (SBA) will provide low-interest loans to companies affected by the outbreak, and that he will ask Congress to increase funding for the SBA lending program to $50 billion.
  • Governor Hogan announced on March 19 that the entire state of Maryland has received official designation for SBA assistance. Individual businesses can now apply directly to the SBA for low-interest loans through the Economic Injury Disaster Loan program. Visit SBA’s website to apply now.
  • General SBA guidance for businesses can be found here.
  • Maryland business and individual income taxpayers will be given a 90-day extension for tax payments. No interest or penalty for late payments will be imposed if 2019 tax payments are made by July 15, 2020. See 90-day extension for tax payments for more information, or reach out to taxpayerrelief@marylandtaxes.gov with questions.
  • Comptroller Franchot also extended business-related tax filing deadlines to June 1. Get additional information regarding business tax returns – including sales and use tax, alcohol tax, etc. – and income tax extensions.
  • Businesses who paid their Maryland Sales & Use Taxes for March early may request a refund of their payment by emailing taxpayerrelief@marylandtaxes.gov or by calling 410-260-4020.  
  • Taxpayers who have set up a payment through their own online banking services will need to stop that transaction through their banks. Taxpayers who have scheduled a payment through the Comptroller’s iFIle or bFile can request to have a debit from their account stopped as long as it is at least 3 days prior to the scheduled payment date. If taxpayers have individual requests for assistance, they should contact Taxpayer Services at 410-260-7980 or via email at taxhelp@marylandtaxes.gov.
  • Maryland banks, credit unions, and financial service providers are operating under precautionary measures, with increased focus on mobile, phone, and online services. If you anticipate having trouble making a loan payment, please notify your lender or loan servicing company as soon as possible to discuss your options. Early and regular communication is important. More information from the Maryland Bankers AssociationView a list of credit unions operating in Maryland and their contact information.
  • The federal tax filing deadline has been moved to July 15 – learn more.

MARYLAND COVID-19 EMERGENCY RELIEF FUND PROGRAMS FOR BUSINESSES

Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers 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.

If you are a Maryland-based business impacted by the Coronavirus with under 50 full- and part-time employees, or a Maryland manufacturer, check out the programs below to see if you qualify for assistance.

EMPLOYER & WORKER ASSISTANCE 

LICENSING & PERMITTING

EDUCATIONAL INFORMATION

  • The Department of Health hosted a webinar featuring information and guidance for businesses about coronavirus and preventing its spread in the workplace here  or watch the recording here.

ENFORCEMENT

  • The Maryland State Police is actively engaged in our state’s response to the COVID-19 pandemic. As they work to protect the citizens of Maryland, they will be involved, when needed, in the enforcement of the Governor’s Executive Orders.
  • The state is hoping for voluntary compliance with business closures. If a need for law enforcement arises, Maryland State Police will take prompt appropriate action, in partnership with state’s attorneys and local law enforcement chiefs and sheriffs across Maryland.
  • Contact will first be made with the owner or manager of the establishment. If voluntary compliance does not occur, action will be taken. That could result in the issuance of a criminal summons or warrant, or it could result in immediate arrest, depending on the circumstances in the particular situation.
  • Violation of a Governor’s Executive Order declared during a state of emergency is punishable for a fine of up to $5,000 or one-year in jail or both.

MORE INFORMATION

We encourage members of the business community to reach out with their questions by sending a message to Secretary.Commerce@maryland.gov.

We also recommend that everyone regularly visit the Maryland Department of Health for the latest information on coronavirus and the Office of Governor Larry Hogan for updates on the state’s response to the outbreak.

The Maryland Emergency Management Agency (MEMA) has activated its Virtual Business Operation Center (VBOC) as of March 6 to address inquiries from the private sector. Businesses that are interested in emergency operations engagement can learn more through MEMA’s Private Sector Integration Program.

Looking for a way to help? Please visit the new Maryland Unites website to find volunteer and donation opportunities.


PKS & Company, P. A. is a full service accounting firm with offices in Salisbury, Ocean City and Lewes that provides traditional accounting services as well as specialized services in the areas of retirement plan audits and administration, medical practice consulting, estate and trust services, fraud and forensic services and payroll services and offers financial planning and investments through PKS Investment Advisors, LLC.

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