BALTIMORE (WJZ) — Baltimore Mayor Bernard C. “Jack” Young is asking state and federal leaders to make money available to help small businesses in the city that are struggling due to the coronavirus.
On Friday, the mayor sent a letter to Gov. Larry Hogan asking for his help to make potentially millions of dollars in federal funds through the Economic Injury Disaster Loan Program available to local businesses.
The Small Business Administration, which runs the program, said Thursday it will work with states to provide low-interest loans to “small businesses that have been severely impacted by the situation.”
- Coronavirus Closings & Cancellations In Baltimore, Across Maryland
- What Is A Coronavirus?
- The Symptoms Of Coronavirus And What You Should Do If You Feel Sick
- LIST: EPA Releases Names Of Disinfectants You Can Use Against Coronavirus
- Coronavirus-Related Scams Are Going Around. Here’s What To Watch Out For
- What We Know About Coronavirus In Maryland
- Latest coronavirus stories from WJZ
SBA Administrator Jovita Carranza praised President Donald Trump’s efforts to help small businesses, including measures he signed into law as part of the Coronavirus Preparedness and Response Supplemental Appropriations Act.
“The President took bold, decisive action to make our 30 million small businesses more resilient to Coronavirus-related economic disruptions,” Carranza said in a statement.
Businesses could qualify for loans of up to $2 million under the program with interest rates of 3.75 percent for qualifying businesses and 2.75 percent for non-profits.