Disaster declaration announced for seven Md. counties, businesses can apply for loans

WASHINGTON, D.C. – Representative Andy Harris announced on Thursday that the U.S. Small Business Administration has declared seven Maryland counties a disaster area, making available financial resources for small businesses impacted by the coronavirus pandemic.

These counties are Cecil, Kent, Queen Anne’s, Caroline, Dorchester, Wicomico, and Worcester.

Under this declaration, businesses can apply for low-interest federal disaster loans for working capital if they are suffering substantial economic injury as a result of the outbreak. These loans offer up to $2 million in assistance per small business and can provide vital economic support to help with temporary loss of revenue. These loans can be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the impact.

Businesses can also seek long-term repayments in order to keep payments affordable, up to a maximum of 30 years.

Categories: Coronavirus, Local News, Maryland