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Grants of up to $50,000 available for Maryland's small businesses

Posted at 11:07 AM, Oct 28, 2020
and last updated 2020-10-28 11:07:05-04

MARYLAND — Today, the Maryland Department of Labor announced that an additional $20 million in funding for small businesses. Businesses can apply for up to $50,000 in funding to maintain their workforce beginning today.

“Initially introduced in March, the COVID-19 Layoff Aversion Fund has already helped 445 small businesses with an average of 20 employees stay open and saved nearly 9,000 Maryland jobs,” said Governor Larry Hogan. “Through our Economic Recovery Initiative, we have allocated an additional $20 million to expand the COVID-19 Layoff Aversion Fund and to provide further financial support to our state’s small businesses as they continue to adapt to and overcome the challenges presented by the pandemic.”

Businesses will receive approval or denial within 5 days of applying for the funding.

Award recipients have used the average award size of $22,738 per business for such things as purchasing remote access equipment and software to promote teleworking, assisting with employee training and education, purchasing cleaning supplies and services to maintain an onsite workforce, and taking advantage of the Maryland Department of Labor’s Work Sharing Unemployment Insurance Program by supplementing employee income.

Apply and learn more here.