$10M Stimulus Boost for Baltimore Businesses

money, profit, finance Goldman Sachs CEO David Solomon and Baltimore City Mayor Jack Young recently announced a $10 million Small Business Stimulus Program fund to help small businesses in Baltimore survive through the COVID-19 crisis.

With assistance from the federal CARES Act, the City of Baltimore, partnered with Goldman Sachs, will provide millions in potentially forgivable loans to small Baltimore City businesses. Baltimore City is home to more than 12,000 small businesses that provide over 150,000 local jobs.

In his press release, Mayor Young stated that it’s “important that we help our small businesses stabilize, reopen, and return to operating at full capacity to get Baltimore City residents back to work and restart our local economy,” and the “immediate economic outlook depends on responding to this challenge, creating the right partnerships with organizations like Goldman Sachs and Lendistry, and delivering resources and information in a fast, efficient, and equitable manner.”

To get ready, applicants should have the following documents on hand before applying:

  • 12 months of payroll documentation, including wages, health and retirement benefits and state taxes paid
  • Primary owner’s photo ID
  • 2019 Tax Return, or 2018 Tax Return & 2019 Year-End Financial Statement, or 2019 1099
  • Corporate Documents (varies by entity type: Articles of Inc., By Laws, Operating Agreement, Fictitious Business Name, Partnership Agreement)
  • Download the SBA PPP Application here.

 

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