Gov. Hogan invests $250 million in economic recovery to help businesses struggling due to COVID-19

Posted at 2:29 PM, Oct 22, 2020
and last updated 2020-10-23 07:13:20-04

ANNAPOLIS — Gov. Hogan made an announcement about a major new COVID-19 economic relief initiative.

Hogan announced the ‘Maryland Strong: Economic Recovery Initiative,’ which includes the investment of $250 million from the state's Rainy Day Fund for a total economic relief package of $500 million.

The new $250 million investment will fund a combination of new relief programs and an expansion of successful existing relief programs.

He also announced $50 million for the third installment of the ‘Maryland Small Business COVID-19 Relief Grant Fund’ to fully fund the entire backlog of grant applications already received and reviewed by the Maryland Department of Commerce.

$50 million will go in direct grant relief for the state’s more than 11,500 restaurants.

Eligible use of funds includes such things as: working capital, sanitization services, payroll and rent, purchase of PPE, upgraded technology, and infrastructure improvements.

Hogan's initiative provides $20 million through Maryland Housing to hard-hit business and local entertainment venues within Main Street Maryland organizations and Baltimore Main Street programs.

Another $20 million will go to the state’s ‘COVID-19 Layoff Aversion Fund’ which has already helped small businesses with an average of 20 employees stay open and has saved nearly 9,000 Maryland jobs.

Hogan stated $5 million will be made available to double funding for low-interest loans to small and minority businesses.

$2 million will go to support hometown tourism efforts that promote restaurants and local attractions and shops.

Hogan's initiative doubles funding, with an additional $3 million for the Maryland State Arts Council’s Emergency Grant Program.

He also announced a dedicated emergency rapid response fund of $100 million that will be available to immediately deploy to other areas of economic need as the state moves forward.