Hogan announces economic relief package to help small businesses, workers affected by COVID-19 pandemic

ANNAPOLIS, Md. – On Monday, Governor Hogan announced more than $175 million to help small businesses and workers affected by the coronavirus pandemic.

The Maryland Department of Commerce will offer up to $125 million in loans and grants to small businesses and nonprofits through the Maryland Small Business COVID-19 Emergency Relief Fund. A $75 million loan fund and a $50 million grant fund, with $1 million in grants dedicated to non-profits, will provide working capital to be used for payroll, rent, fixed-debt payments, and other mission critical cash operating costs. Businesses and non-profit organizations with less than 50 full and part-time employees will be eligible, and loans will range up to $50,000 with grants up to $10,000.

Maryland Commerce is working on creating a $5 million fund to incentivize businesses to manufacture personal protective equipment and other supplies to satisfy the increasing needs of the healthcare industry.

Governor Hogan has also allocated $5 million and the Maryland Department of Labor has allocated $2 million to collaboratively launch the COVID-19 Layoff Aversion Fund.

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