Updates from the Economic Development Advisory Board

Nonprofits Reminder – The Federal Reserve’s Main Street Lending Program expanded from offering loans to businesses to also accepting loan applications to assist nonprofits experiencing cash flow problems due to the COVID-19 pandemic. The Main Street Lending Program is designed to help credit flow to small-and medium-sized … nonprofit organizations that were in sound financial condition prior to the pandemic. The program offers 5-year loans, with floating rates. Eligible nonprofits must employ at least 10 people and have been in operation for at least five years. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200717a.htm


Five New Maryland Laws Take Effect October 1, 2020 – Click here to read article from the Tydings Law Firm. The new laws include human relations protections, hate crime symbols, prohibitions on wage history inquiries, business relocations and layoffs, and use of artificial intelligence facial recognition.


HR – The IRS has posted Employee Retention Credit FAQs and Paid Family Leave and Sick Leave FAQs that will help answer questions. Updates on the implementation of the Employee Retention Credit and other information can be found on the Coronavirus page of IRS.gov.


HR – Covid-19 Workplace Guidelines – from Zenefits.  HR teams should assess existing policies and previous liabilities to make strides in planning for unknown future events. When it comes to COVID-19 workplace guidelines, here’s what your HR team needs to know. Read more.


Are you an FMLA covered employer? Here are new forms for 2020 – Department of Labor Introduces New FMLA Forms and Guidance – The newer forms — while optional,  offer more information to employees and businesses and might be a best practice to better document and track requests and leaves. Read More  from Zenefits.


How Maryland businesses can navigate COVID-19 – Maryland Department of Commerce

Learn tips for businesses trying to work through current challenges while preparing for the future, from the nearly 75 years, the certified public accounting firm Ellin & Tucker.


Commerce International Initiatives – While fall is typically a time of travel and tradeshows for the Maryland Office of Commerce’s Office of International Investment and Trade, things look a little different this year! Despite the changes brought on by COVID-19, the Commerce team is still finding ways to help connect Maryland companies to international markets. Here are five opportunities to check out this fall. https://mailchi.mp/maryland/internationalopportunities_fall2020?e=2735b21d80


Work Sharing – A Better Alternative to Layoffs – Administered by the Maryland Department of Labor, the program is designed to avoid layoffs by preserving jobs for current employees or to assist businesses that have already undertaken layoffs to reopen and resume operations. Visit the Work Sharing site for details. Work Sharing – A Layoff Aversion and Reopening Unemployment Insurance Program


5 Ways to Build New Alliances at Work – Workers returning to the office—or still working remotely—may have an unusual chance to find new mentors and allies who could reshape their careers. Read More  from Korn Ferry