We’re reaching out with this updated bulletin as a result of Governor Hogan’s announcement of additional funds for
various State of Maryland relief programs. We’ve also included some forward-looking statements and updates to prior
bulletins.
PPP Forgiveness Applications
The current version of the SBA/Treasury. Forgiveness application and guidelines can be found at the link below. Many of
the banking institutions are now accepting PPP forgiveness applications. Some banks have established portals, allowing
customers to apply on-line. Most of you either should have been contacted by your financial institution with an update
on when you will be able to apply or allowing an application from your entity.
We (Growth Solutions) encourage you to apply for PPP Loan forgiveness when a) you are eligible – meaning you’ve
utilized the funds in a way in which forgiveness is possible, and b) when your financial institution allows you to submit
the forgiveness application. We DO believe there will be future changes to the PPP forgiveness guidelines that most
likely will make forgiveness even more simply. In spite of that belief, we would continue to encourage you to apply for
forgiveness. The process is easy, won’t take long, is not costly even if you have your accounting firm assist, and IF at
some point during the period in which you application is being reviewed, the rules change to include blanket forgiveness
for amounts under $150,000-$500,000 your application won’t impact those changes.
Assuming any further assistance at the Federal level, you may need to demonstrate need, or proper use of prior funding
(such as PPP), or have some other requirements for possible future relief. We believe the wisest course is to apply for
PPP forgiveness.
PPP Forgiveness Links
- SBA FAQ on PPP Link
- Most Recent Interim Final Rules Revisions
- Most Recent Loan Application Form (revised)
- Policy Updates and Programs Page
State of Maryland: New Funds
This week, Governor Hogan announced an additional $250MM for COVID Relief. Here’s a summary of what you can
expect, actions you may want to take, and some links for more information.
The COVID Relief Grant Fund receives an additional $50MM. While more funding was made, the State is NOT accepting
new applications. If you took our prior advice and applied for these funds, your application remains in the queue and
these additional funds will be awarded on a first come, first served basis to companies which previously applied.
For restaurants: $50MM is being made available to restaurants. The funds will be distributed through your local
jurisdiction. Check the link below for more information.
The Layoff Aversion fund is receiving an additional $20MM and you can currently make applications on October 28th,
2020. Please visit here for more information.
Complete information on the entirety of State programs can be found here.
County, Municipality
As we’ve instructed previously, there may be additional funds available through your County, Local Municipality, or
Governmental Agency. You should investigate whether you qualify for County, Municipal, or other funds. If you qualify
for available relief, our recommendation remains that you should make an application for such relief.
David S. Kelly
CEO – Chief Enthusiasm Officer Growth Solutions Team
www.growthsolutionsteam.com
443.370.6530