Under the provisions of the recently passed COVID-19 relief bill, the nation-wide pandemic disaster declaration has been extended to December 31, 2021, making EIDL available to borrowers through this year. Loans may be used for working capital, and operating expenses (i.e. continuation of health care benefits, rent, utilities, and fixed debt payments). Collateral is required for loans over $25,000.
EIDL loan applications will continue to be accepted through December 2021, pending availability of funds. Loans are available at 3.75% for small businesses and 2.75% for nonprofit organizations, with a 30-year term and automatic deferment of one year before repayment begins. Apply here. (The new law also reopens the EIDL grant; the SBA’s website has not been updated.)
Reminder: SBA Express Bridge Loans and Debt Relief for SBA 7a, 504, and Micro-loans also available.
New Special Health Coverage Enrollment Period
Governor Larry Hogan announced a new special enrollment period in which all uninsured Maryland residents have the opportunity to enroll in health coverage now due to the ongoing COVID-19 pandemic and the recent rise in the positivity rate throughout the state. The enrollment period begins immediately and will run until March 15.
Health coverage through Maryland Health Connection, including private health plans and Medicaid, covers costs for coronavirus tests at doctor’s offices, urgent care centers, or emergency rooms. Individuals can enroll now through Monday, March 15. Coverage dates are based on enrollment:
- Enroll Jan. 4–Jan. 15, coverage starts Jan. 1.
- Enroll Jan. 16–Feb. 15, coverage starts Feb. 1.
- Enroll Feb. 16–March 15, coverage starts March 1.
