Montgomery Plans to Create $20 Million Fund for Small Businesses Impacted by Coronavirus

The Montgomery County Council has introduced legislation designed to get money flowing quickly to small businesses impacted by the coronavirus. The $20 million fund would provide companies with $75,000 each to deal with the burdens.

The Washington Business Journal reports:

The full County Council introduced legislation on the topic Tuesday with County Executive Marc Elrich’s support. The new grants will be open to any business or nonprofit with 100 or fewer full-time employees, a bid to prop up retailers and restaurants, among others, forced to close to contain the virus.

The legislation is designed to mirror the D.C. Council’s efforts to provide coronavirus relief, allowing businesses to receive the grants if they can show an operating loss directly related to the pandemic. Companies will be able to use the cash to cover employee salaries, debt payments or other operating expenses while the outbreak persists.

For more information:

Montgomery County readies $20 million for businesses affected by coronavirus  (Washington Business Journal)