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Resources for Businesses Impacted by COVID-19

In March, Governor Hogan announced that the state has implemented several helpful opportunities to minimize the impact of COVID-19 on businesses in Maryland. We at Cedar Point have your best interests at heart and want to be as helpful as we can to our business members during this unprecedented time. To that end, we've compiled a few links you may find useful.

As always, if you need assistance from your credit union, please reach out at 301-863-7071. We have several options available to assist our membership at a time like this.



Cedar Point Resources

As always, if you need assistance from your credit union, please reach out at the numbers provided below. We have several options available to assist our membership at a time like this. We want to remind you that we also provide products and services that may help, such as:

  • Credit Cards – Fixed annual percentage rate as low as 7.00%
  • Debit Cards – $2000.00 limit per day on purchases. $500.00 limit per day for ATM withdrawals. These limits assume that funds are available in the account.
  • 33,000 surcharge-free ATMs nationwide. There are 15 surcharge-free ATMs in Calvert, 29 in Charles and 37 in St. Mary’s, as well as ATMs at each branch.

Federal Resources

Paycheck Protection Program.  The Small Business Administration offers this option to prioritize millions of Americans employed by small businesses. It authorizes up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.  Please note that this program is dependent on funds availability from the United States Government.

  • Overview
    • Cedar Point has already approved loans for over 75 small businesses, totaling over $4 million. 
    • Cedar Point is still accepting applications for businesses.
    • Eligible recipients may qualify for a loan up to $10 million determined by eight weeks of prior average payroll plus an additional 25% of that amount.
    • Loan payments will be deferred for six months.
    • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll and certain other expenses following loan origination.
  • Loan Details and Forgiveness. The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

    Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

    This loan has a maturity of 2 years and an interest rate of 1.00%.

  • Who can apply.  Members and eligible members may apply through Cedar Point. This program is available to small businesses with fewer than 500 employees impacted by COVID-19 can apply. This includes:
    • sole proprietorships,
    • independent contractors
    • self-employed persons
    • private non-profit organizations
    • 501(c)(19) veterans organizations
  • How to Apply. You can apply through any existing SBA 7(a) lender. Cedar Point is now accepting applications as a  7(a) lender. Please call for details.

SBA Disaster Assistance Funding. The U.S. Small Business Administration is offering the State of Maryland low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus. 

Maryland State Resources

  • State guidance for businesses includes information on business closures & restrictions, financial assistance & taxes, employer & worker assistance, licensing & permitting, and other helpful resources.
  • Small Business Covid-19 Relief Fund. Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been negatively impacted by the Coronavirus. Some details of the Small business COVID-19 Relief Fund are:
    • Maryland Small Business COVID-19 Emergency Relief Loan Fund - This $75 million loan fund (for for-profit businesses only) offers no interest or principal payments due for the first 12 months, then converts to a 36-month term loan of principal and interest payments, with an interest rate at 2% per annum. Learn more.
    • Maryland Small Business COVID-19 Emergency Relief Grant Fund - This $50 million grant program for businesses and non-profits offers grant amounts up to $10,000, not to exceed 3 months of demonstrated cash operating expenses for the first quarter of 2020.
    • Maryland COVID-19 Emergency Relief Manufacturing Fund - This $5 million incentive program helps Maryland manufacturers to produce personal protective equipment (PPE) that is urgently needed by hospitals and health-care workers across the country. More details are expected to be announced by Friday, March 27, 2020.
  • COVID-19 Layoff Aversion Fund. This fund is designed to support businesses undergoing economic stresses due to the pandemic by preventing or minimizing the duration of unemployment resulting from layoffs. The award (up to $50,000 per applicant) will be a quick deployable benefit and customizable to the specific needs of your business to minimize the need for layoffs. Learn more about the Layoff Aversion Fund

St. Mary's County Resources

  • St. Mary's County Covid-19 Small Business and Nonprofit Relief Fund - This $2 million grant program helps local small businesses and nonprofits pay expenses that occur in the ordinary course of business. Small businesses and nonprofits with annual revenues under $3 million that have experienced a drop in revenue of at least 30% are eligible to apply. 

CDC & OSHA Resources

Interim Guidance for Businesses & Employers – use this to plan and responded to COVID-19. Please visit the CDC’s page for businesses to access resources on how to prepare your workplace, reduce transmission among employees, maintain healthy business operations, and maintain a healthy work environment.

OSHA Guidance on Preparing Workplaces for COVID-19 - helps classify risk levels for specific job categories, provides guidance for workers traveling abroad, and gives steps to reduce exposure risks for employees.


Thank you for putting your faith in us during this difficult time. We endeavor to do our absolute best for our membership during prosperous times, but especially during times of uncertainty. If you want to reach out and speak with someone, please feel free to contact us at 301-863-7071.



To learn more about our hours, how to make an appointment, using the mobile app and our surcharge-free network of ATMs, visit our COVID-19 Response page.



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