Maryland directs a new $100M in COVID-19 aid to small businesses and nonprofits - Technical.ly Baltimore

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Jul. 1, 2020 4:00 pm

Maryland directs a new $100M in COVID-19 aid to small businesses and nonprofits

The state is allocating federal funding to help more applicants get funding via a state small business program, and creating a new initiative focused on nonprofits.
The Maryland State House in Annapolis.

The Maryland State House in Annapolis.

(Photo by Stephen Babcock)

Gov. Larry Hogan of Maryland this week announced $100 million in new aid funding that will be made available for small businesses and nonprofits struggling during the pandemic.

The funding from the federal CARES Act is part of more than $475 million that is being allocated by the state this week.

Of the $100 million announced on Tuesday, $50 million is being allocated toward small businesses.

That includes $45 million for the state’s Maryland Small Business COVID-19 Emergency Relief Grant Fund, which awards $10,000 grants to businesses with fewer than 50 employees. This fund, which was created in April amid the wave of closings that came to stop the spread of the pandemic, has so far awarded $40 million in funds to 4,073 applicants, per the governor’s office. The additional funds will be applied to applications that are already in the system.

Another $5 million will be allocated to the Maryland Small Business Development Financing Authority specifically to help economic and socially disadvantaged entrepreneurs. The funds can be used for working capital, supplies and materials, machinery and equipment acquisition, land acquisition, or real estate improvements.

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For nonprofits, the state is allocating another $50 million. This includes setting up a new initiative to provide aid. The Maryland Nonprofit Recovery Initiative aims to help “stabilize and sustain a range of nonprofit operations,” the state said.

Up to $8 million more will assist nonprofits who already applied for the small business fund, and a further $3 million will be allocated for award through an emergency grant program run by the Maryland State Arts Council.

Another $90 million announced Tuesday will go to help reimburse state-supported universities for expenses incurred during the pandemic.

Companies: State of Maryland
People: Larry Hogan
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