Hogan: Md. will provide an extra $250 million in funds to help the state’s businesses

Hogan: Md. will provide an extra $250 million in funds to help the state’s businesses

Gov. Larry Hogan speaks at a news conference on Thursday (Screenshot)

@BryanRenbaum

Gov. Larry Hogan said Thursday that the state is providing an additional $250 million in funds to help businesses that have suffered due to the coronavirus pandemic.

The new funds mean the state will have invested a total of $500 million in relief for businesses.

“Today we doubling this $250 million in relief by investing $25o million from the state’s rainy day fund for a total relief package of $500 million through the Maryland Strong Economic Recovery Initiative,” Hogan said at a news conference at the State House in Annapolis.

He added: “This new $250 million investment will fund a combination of new relief programs as well as the expansion of our existing successful relief programs in order to quickly provide additional relief to the small businesses and their employees who need are our help the most.”

Hogan described in detail how the funds, most of which supplement existing programs, will be allocated:

  •  $50 million for the Maryland Small Business COVID-19 Relief Grant Fund-marking a total investment of $145 million since the fund was established in March
  •  $50 million in relief for Maryland’s restaurants. The money will be given to local jurisdictions and must completely disbursed by the end of the year.
  • $20 million in grants via the Maryland Department of Housing and Community Development for struggling businesses and entertainment venues
  • $20 million for the Maryland COVID-19 Layoff Aversion Fund to help small businesses retain their employees. The program is operated by the Maryland Department of Labor.
  • $5 million for the Maryland Small Business Development Financing Authority to provide small and minority-owned businesses with low-interest loans
  • Establishment of a $100 million Emergency Rapid Response Fund for Small Businesses

Hogan said that even though the funds will provide much needed help to Maryland’s businesses it is nevertheless imperative that Congress approve a second stimulus package.

“We need both parties in Washington to stop playing politics, to end the gridlock, and to get this done for the American people. Our small business community and our struggling Marylanders who depend on them for their jobs cannot afford to wait any longer.”

Months of negotiations between the White House and lawmakers on Capitol Hill have yet to produce a substantive agreement on an aid package for the states.

There are 137,979 confirmed cases of COVID-19 in Maryland as of Thursday morning, according to the state’s Department of Health, and 3,924 people in Maryland have died from the virus. The state’s positivity rate is at 3.1%, which is better than that of most states in the country. Maryland has tested nearly 3.2 million people for COVID-19.

 

About The Author

Bryan Renbaum

Bryan@MarylandReporter.com

Reporter Bryan Renbaum served as the Capitol Hill Correspondent for Talk Media News for the past three-and-a-half years, filing print, radio and video reports on the Senate and the House of Representatives. He covered congressional reaction to the inauguration of President Donald Trump as well as the confirmation hearings of attorneys general Jeff Sessions and William Barr and Supreme Court Justice Brett Kavanaugh. He also filed breaking news reports on the 2017 shooting of House Majority Whip Steve Scalise and three others. Previously Bryan broke multiple stories with the Baltimore Post-Examiner including sexual assault scandals at the University of Maryland, Baltimore County and a texting scandal on the women’s lacrosse team at that school for which he was interviewed by ABC’s “Good Morning America.” He also covered the Maryland General Assembly during the 2016 legislative session as an intern for Maryland Reporter. He has a bachelor’s degree in political science from McDaniel College. If you have additional questions or comments contact Bryan at: bryan@marylandreporter.com

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