Governor Larry Hogan announced Monday that his administration is putting $175 million toward small businesses and nonprofits that face economic hardship due to the coronavirus outbreak.
From the press release:
The Maryland Department of Commerce will offer up to $125 million in loans and grants to small businesses and nonprofits through the Maryland Small Business COVID-19 Emergency Relief Fund. A $75 million loan fund and a $50 million grant fund, with $1 million in grants dedicated to non-profits, will provide working capital to be used for payroll, rent, fixed-debt payments and other mission critical cash operating costs. Businesses and nonprofits with under 50 full- and part-time employees will be eligible, and loans will range up to $50,000 and grants up to $10,000.
Maryland Commerce is also working on creating a $5 million fund to incentivize businesses to manufacture personal protective equipment (PPE) and other supplies to satisfy the increasing needs of the healthcare industry.
The Governor also briefly discussed his efforts in advocating that federal funds be disbursed directly to states.
From coverage in the Baltimore Sun:
Hogan said the nation’s governors are going to push President Donald Trump in a call today to provide “major economic stimulus money” directly to the state to help people who have been impacted by the virus.
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