Annapolis Businesses Receive Nearly $1M In Coronavirus Relief

ANNAPOLIS, MD — Business ground to a halt. Employees were out of work, and a normally bustling Downtown Annapolis was silent as ever.

As companies struggled to stay afloat during the coronavirus pandemic, a county organization issued emergency funding to keep their doors open. Small businesses in Annapolis received nearly $1 million in relief money from the county, Mayor Gavin Buckley said in a Wednesday press release.

“We not only wanted to find creative ways for businesses to be successful in reopening, we wanted them to have ready access to capital to help them meet the new demands of their new business models,” Buckley said.

The $959,644 in stimulus helped 142 businesses around the city. The grants assisted a wide spread of industries, from health services to hospitality, said Stephen Rice, the manager of the Office of Economic Development. Each company could apply for up to $10,000.

Applications opened in mid-May. Eligible businesses had less than 50 employees and were in good standing with the state. The grants covered the costs of personal protective equipment, signs, technology and training.

The money came from the Anne Arundel Economic Development Corporation, an organization working to grow the county's business community. The corporation received $5 million through a federal coronavirus aid package called the CARES Act. The legislation, which was passed in late March, gave states, counties and businesses the funding necessary to survive the pandemic.

“It’s great to see that Annapolis-based businesses have been able to successfully access this grant program because we worked hard to get the word out,” Rice said in the release. “I think the data shows our efforts were successful. We are very appreciative of our colleagues at AAEDC for managing an efficient and effective process that has enabled many Annapolis businesses to access desperately needed capital.”

The CARES Act also allocated money for small business loans. The effort aimed to help employers pay their workers and avoid layoffs.

That aid, called the Paycheck Protection Program, helped save millions of jobs around the country. Now, a list of businesses that received a PPP loan is public.

Most loans were worth less than $150,000, but the U.S. Small Business Administration announced all the companies that were awarded more than that threshold. Altogether, 514 Annapolis businesses received loans worth more than that $150,000 mark.

The most notable businesses to secure a PPP loan were the U.S. Naval Academy, St. John's College, St. Anne's School of Annapolis, Chick & Ruth's Delly, Iron Rooster and Rams Head Tavern.

The loans are similar to grants. Businesses will only have to repay them if they layoff workers or cut their pay.

Companies do not need to spend the money directly on employee paychecks, however. As long as a business continues paying its workers, the money can be used to pay mortgage interest, rent and utilities

Altogether, more than 5 million American businesses were granted PPP loans. The loans totaled more than $500 million, according to the data released by the small business administration. The loans have supported 51 million jobs, or about 84% of the country’s small business workers.

A list of all the companies in Annapolis that earned PPP loans worth more than $150,000 is available here.

• Coronavirus Paycheck Protection Loans in Annapolis: Who Got Money
• Coronavirus Paycheck Protection Loans in MD: Where the Money Went

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