Governor Hogan of Maryland Announces $190 Million in COVID-19 Relief for Small Businesses, Higher Education, and Nonprofit Organizations
26 Jul, 2020
New Nonprofit Recovery Initiative Will Be Focused On a Range of Organizations, Including Affordable Housing and Disability Providers Investments Include $5 Million for Economically and Socially Disadvantaged Entrepreneurs, $3 Million for Arts Organizations In Total, Governor Hogan Has Committed $475 Million In New Investments For Critical Sectors of Maryland’s Economy.
Governor Larry Hogan announced $190 million in relief to help colleges, small businesses, and nonprofit organizations affected by the COVID-19 pandemic. In total, over the last week, the governor has announced $475 million in new investments through the federal CARES Act.
“As Maryland continues to grapple with an unprecedented fiscal crisis, we are directing more than $475 million in federal resources to critical sectors of our economy,” said Governor Hogan. “These resources will help make a difference in areas where they are needed most.”
$50 Million in Additional Assistance for Small Businesses
$45 million will be allocated to expand the Maryland Small Business COVID-19 Emergency Relief Grant Fund. This program, which awards grants of up to $10,000 to businesses of 50 or fewer employees, has provided more than $40 million in funds to 4,073 applicants. These additional resources will be used to help pending applicants.
$5 million will be allocated to the Maryland Small Business Development Financing Authority to provide financing to businesses owned by economically and socially disadvantaged entrepreneurs. MSBDFA uses include working capital, supplies and materials, machinery and equipment acquisition, land acquisition, or real estate improvements.
$50 Million for the Maryland Nonprofit Recovery Initiative
$50 million to establish the Maryland Nonprofit Recovery Initiative, which will help organizations address the revenue reductions and expense increases that are due to the economic and safety impacts of the COVID-19 pandemic. The goal of the initiative, which will be operated by the Department of Housing and Community Development (DHCD), is to help stabilize and sustain a range of nonprofit operations, including affordable housing and disability nonprofits.
Of this $50 million, up to $8 million will be allocated to nonprofit applicants that have already applied for relief through the Maryland Small Business COVID-19 Emergency Relief Grant Fund.
Of this $50 million, $3 million will be awarded through the Maryland State Arts Council’s (MSAC) Emergency Grant Program. In response to the COVID-19 State of Emergency, MSAC has created special grant opportunities that provide emergency funding to arts organizations and artists for losses sustained because of programming, operations, and events that have been modified or cancelled.
$90 Million for Higher Education
Up to $90 million will be allocated to reimburse state-supported universities for COVID-19 related expenses, including support for their public safety activities.