Governor Hogan announces a new $250 million relief package to aid businesses throughout Maryland. The “Maryland Strong Recovery Economic Recovery Initiative” provides funding from the state’s Rainy Day Fund.
$50 million will be allocated to the Maryland Small Business COVID-19 Relief Grant Fund. This is a continuation of an established program which provides grants of up to $10,000 to businesses. While new applications are not currently being accepted, the money will clear any backlog of borrowers who applied between March 23 – April 7.
$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. Eligible uses include working capital for rent, purchasing PPE, and infrastructure improvement.
$20 million to expand the COVID-19 Layoff Aversion Fund. Applicants may begin applying Wednesday, October 28 for an award up to $50,000 that can be used for expanding remote access capabilities to workers, training opportunities for employees to avoid layoffs, and adopting other creative approaches to reduce the need for layoffs.
Click Here to see the Governor’s announcement with more details and links to apply.