Governor Hogan Announces $250 million in Economic Relief for Maryland Business

Blog
October 29, 2020

On October 22, 2020, Governor Larry Hogan announced an additional $250 million would be added to the states COVID-19 relief fund, “Maryland Strong: Economic Recovery Initiative”. These additional funds will provide assistance to many businesses and non-profit organizations in Maryland.

Companies who had previously applied to the Maryland Small Business COVID-19 Relief Grant Fund and were placed on the waitlist due to the fund running out of money will now receive their grants. Organizations do not need to reapply and no new applications will be accepted.

Additionally, $50 million has been allocated to provide relief for restaurants. The funding will be distributed to counties. Restaurants should check their county-specific websites for more information on how to receive funding.

The additional funding will also provide $20 million in additional funding to the COVID-19 Layoff Aversion Fund. This money is designated to help small businesses keep employees whom they might otherwise have to layoff as a result of the pandemic. Applications began on October 28, 2020.

Organizations can visit https://www.dllr.state.md.us/employment/covidlafund.shtml for more details and to view the application.

In addition to the items noted above, the additional relief provides support for Main Street Maryland Program, provides low-interest loans to small and minority-owned businesses, and additional funding for arts organizations.

Lastly, $100 million of the funding is set aside for additional emergency situations to help small businesses as new situations arise as a result of the pandemic.