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.
As Maryland continues to grapple with an unprecedented fiscal crisis, we are directing more than $475M in federal resources to critical sectors of our economy, including $190M for colleges, small businesses, and nonprofits affected by #COVID19.
Details: https://t.co/rXKnWLhi8I pic.twitter.com/c6WxsWvok8
— Governor Larry Hogan (@GovLarryHogan) June 30, 2020
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.
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.
Join our growing Slack community
Join 5,000 tech professionals and entrepreneurs in our community Slack today!
Donate to the Journalism Fund
Your support powers our independent journalism. Unlike most business-media outlets, we don’t have a paywall. Instead, we count on your personal and organizational contributions.
These 10 regions could be most impacted by federal return-to-office mandates
Tech-related orders and economic reorganizations hit Maryland. Here’s what they mean.
From Belgaum to Baltimore and beyond, this founder leaned on family to build a biotech juggernaut
