Apr 12

Apr 12 Hoyer Speaks to Maryland Small Businesses

House Majority Leader Steny Hoyer and Small Business Administration Representatives Address The American Rescue Plan And The Concerns of Maryland Small Business Owners

Congressman Steny H. Hoyer (MD-Dist. 5) hosted a virtual business Roundtable April 9 with small business owners from across the state. Hoyer introduced the value and goals of the American Rescue Plan.

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The Majority Leader was joined by two representatives of the United States Small Business Administration. The two SBA leaders were Antonio Doss, Small Business Administration District Director of the Washington Metropolitan Area District Office, and Stephen Umberger, Small Business Administration District Director of the Baltimore District Office.

Click here to watch the full roundtable discussion.

A few highlights from that discussion include the following:

*The deadline has been extended for shuttered venue operators (such as movie theaters, museums, theaters and the like) to apply for funding support. The $16 billion in available funding is grant-oriented.

*Unemployment insurance is extended to $300 per week through September 6. Coverage includes gig employees and independent contractors.

*The Economic Injury Disaster Loan Program (EIDL) is available for businesses up to $500,000 maximum. Businesses have to prove financial hardship due to COVID-19 losses. The SBA’s Isabella Guzman and other program leaders have extended the period of coverage from six months to 24 months of eligibility.

Rep. Hoyer noted that 3.7 million businesses have been aided across the nation and that $3.5 billion in EIDL aid has specifically gone to Maryland businesses thus far.

*The Shuttered Venue Operator Grant Program portal opened April 8. However, due to technical issues the portal was closed shortly thereafter but is expected to be reopened as soon as this week (April 12).

Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

*Payroll Protection Program (PPP) is a forgivable loan as long as the funds are being used for payroll purposes exclusively. Nine million small businesses have been aided with PPP loans and in Maryland, some 151,000 businesses have received $14 billion in support.

*In the second round of PPP funding, eligibility has been expanded to include more small businesses and remove some of the restrictions of the first round. Application deadlines have been extended through May 31.

*In the restaurant revitalization program, $28.6 billion have been made available. Applications will be available through the end of April.

*Leaders encouraged Maryland business owners to take advantage of the Maryland Small Business Development Center, SCORE and the Women Business Center for support and direction in navigating through this period.

*Dawn Tucker, a business owner, who asked about The Navigator Program, was told that it would start at the end of April.

“I thank Antonio Doss, Small Business Administration District Director of the Washington Metropolitan Area District Office, and Stephen Umberger, Small Business Administration District Director of the Baltimore District Office, for joining me for a roundtable discussion with small business owners today,” said Congressman Hoyer.

“Small businesses in Maryland are vital to our economy and to our local communities, and ensuring small business owners could keep operating throughout this pandemic has been a top priority of mine. Today’s discussion was insightful on how our small businesses are faring, and I was glad to hear directly from small business owners about how the American Rescue Plan is helping them keep their doors open and workers on the payroll, and also what more can be done to support their operations in the future.”