Today, Governor Larry Hogan announced $250 million in new funds for economic relief in Maryland. The Economic Recovery Initiative includes funds for small business relief, layoff aversion, PPE and other purposes. The Initiative will be funded by the rainy-day fund and will create new relief programs and expand certain current relief measures.
The Economic Recovery Initiative includes funding for:
- $50 million to fully fund the backlog in the Maryland Small Business COVID-19 Relief Grant Fund
- $50 million in relief for restaurants that can be used for payroll, rent, sanitation and other purposes
- $20 million for small businesses, entertainment venues and Main Street recovery zones
- $20 million for COVID-19 layoff aversion fund for small businesses
- $5 million for small and minority business low-interest loans
- $2 million for hometown tourism efforts
- $3 million for nonprofits, county arts organizations and local artists
- $100 million for emergency rapid response fund, which will be available to deploy to other economic areas of need
This process remains fluid based on developments pertaining to COVID-19 and we will continue to monitor these matters. Please feel free to contact us at any time if you have any questions or need assistance.