New COVID-19 relief package announced for Maryland businesses
10/22/2020| Amanda Winters
Article Topics:
New COVID-19 relief package announced for Maryland businesses
10/22/2020 | Amanda Winters
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.
Keep up with the latest.
Sign up for e-mail notifications.