BALTIMORE — Mayor Jack Young sent a letter to Governor Hogan requesting the State's support in unlocking potentially millions of dollars in funding for Baltimore's small businesses through the federal Economic Injury Disaster Loan Program.
"In advance of what I believe will be a severe impact to our small business community in Baltimore as a result of the COVID-19 emergency, my administration is preparing contingencies and lining up resources," Mayor Young wrote in his letter to Governor Hogan. "Many small businesses, in particular the hospitality industry, are already experiencing reductions in their sales and as a consequence are laying off employees."
The EIDL, operated by the U.S. Small Business Administration, provides working capital to small businesses suffering substantial economic loss from the Coronavirus.
The SBA, after receiving a request from a state’s Governor, can issue funding under the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by President Trump.
Baltimore is home to more than 12,000 small businesses, according to the Baltimore Development Corporation. Collectively, the shops represent the economic backbone of Baltimore's local economy.