What to Know About Maryland’s New Economic Relief Program
If you’ve heard of Maryland’s increased economic stimulus announced by Gov. Larry Hogan, the “Maryland Strong: Economic Recovery Initiative” pumps an additional $250 million into this existing programs and others.
Here are the main parts of the plan:
$50M expansion of the Small Business COVID-19 Relief Grant Fund (this is just going to clear the backlog – no new applications)
$50M in direct relief for restaurants
$20M in direct relief for main street businesses (i.e. businesses in the Main Street Maryland Program or the Baltimore Main Streets Program)
$20M expansion of COVID-19 Layoff Aversion Fund (This provides up to $50,000 mainly for expenses associated with COVID safety measures and remote work to avert layoffs – applications opened on October 28th)
$5M expansion of Small and Minority Business Low-Interest Loans
$3M expansion of Arts Organization Funding
$2M for local Destination Marketing Organizations (tourism promotion)
$100M for an “Emergency Rapid Response Fund for small businesses” (It is uncertain at this point when or where this will be deployed)
Businesses receiving or seeking other assistance (such as PPP) should be especially careful not to “double-dip” and list expenses in multiple programs.
Maryland businesses can find a list of state and federal programs that offer assistance to businesses here.
Today’s Thought Leaders
About Chloe Parker
Senior Manager, CPA, & MBA
Chloe Parker is a Manager in our Bethesda, MD office. Since joining the firm in 2011, Chloe has worked closely with entrepreneurial clients on tax, audit, and accounting issues. Chloe works across industries including government contracting, construction, manufacturing, and professional services industries.
About Jack Ramsey
Jack Ramsey is a Finance Consultant at Ryan and Wetmore. He focuses on government contractor services as well as research and analysis of the economic, tax, and regulatory environment. Jack graduated from American University with a Bachelor of Science in Economics.