New $250 Million Relief Package for Maryland Businesses
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.
In light of the stalled CARES4 Act in Congress, Governor Hogan comes to the aid for Maryland's businesses on October 23, 2020,
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.
- $20 Million Direct Relief for Main Street through the Maryland Department of Housing and Community Development.
- $20 Million Expansion of COVID-19 Layoff Aversion Fund
- $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.
- $2 Million in Hometown Tourism Program
- $100 Million Emergency Rapid Response Fund for Small Businesses
We have reached out to the Governor's office and the Maryland Secretary of Commerce, Kelly Schulz to provide us details on how CPAs can help. Stay tuned for updates.