Governor Larry Hogan held a press conference on October 22, 2020. Governor Hogan announced new economic relief for Maryland small businesses.
- The Governor will make available additional economic relief by investing $250 million from State’s Rainy Day Fund (Revenue Stabilization Account) through Maryland Strong: Economic Recovery Initiative.
- These funds are in addition to the $250 million already provided in economic relief to small businesses.
- The funding is in lieu of federal relief. The Governor criticized federal leaders for failing to provide financial relief to states.
- This new funding will allow expansion of relief programs for small businesses. The $250 million in funding will be allocated as follows:
- $50 million for grants for businesses and non-profits, which is the third installment for the Maryland Small Business Covid-19 Relief Grant Fund program, which was launched in March. This brings the total investment in this program to $145 million. This will also allow the program to fully fund backlog of approved applications already at Maryland Department of Commerce.
- $50 million in new relief for Maryland restaurants to be used for a variety of purposes such as outdoor seating expansion, tenting, heaters, infrastructure (HVAC), technology upgrades for safety, purchase of PPE, and paying rent. This new funding will be provided to local jurisdictions to distribute. The funds must be disbursed by December 31, 2020.
- $20 million will be provided to business and local entertainment venues through Main Street Maryland organizations as well as Baltimore Main Street programs.
- $20 million goes to the COVID-19 Layoff Aversion Fund to help prevent small businesses from having to lay off employees.
- $5 million to the Maryland Small Business Development Financing Authority (MSBDFA) for small minority-owned businesses.
- $2 million to support hometown tourism efforts and promote local restaurants, shops, and attractions.
- $3 million to non-profits, county arts organizations, and local artists.
- $100 million to create a new rapid response fund to deploy funding for pressing economic needs.
- Governor Larry Hogan’s July 29 COVID-19 Press Conference
- Governor Larry Hogan’s July 22 COVID-19 Press Conference