Governor Larry Hogan has announced a new $250 million relief package to provide assistance to businesses throughout Maryland that have been negatively impacted by the COVID-19 pandemic.
The ‘Maryland Strong: Economic Recovery Initiative,’ which will provide funding from the Rainy Day Fund, doubles the state’s total commitment to $500 million for emergency economic relief.
$50 million will be allocated to the Maryland Small Business COVID-19 Relief Grant Fund for applications submitted between March 23 – April 7. While new applications will not be accepted, this funding will clear the backlog of remaining qualified applicants in the queue.
$50 million will be allocated for direct relief to restaurants. The funding will go through local jurisdictions and must be distributed no later than December 31, 2020. More details to follow.
$5 million will be allocated to Maryland Small Business Development Financing Authority (MSBDFA) for loans for businesses owned by economically and socially disadvantaged entrepreneurs.
$3 million will be allocated to the Maryland State Arts Council’s Emergency Grant Program for arts organizations and artists.
Learn more about the variety of resources announced earlier today.
