Gov. Hogan announces tax relief for businesses, emergency loan forgiveness

ANNAPOLIS, Md. – Governor Larry Hogan held a press conference Thursday to announce several additional actions as a surge in COVID-19 cases continues.

The governor announced that he has signed an executive order to protect Maryland businesses from sudden or substantial increases in their unemployment taxes. In addition, the governor is directing the Maryland Department of Commerce to forgive the entire $75 million in emergency loan debt, which was provided to businesses by the state back in March. These loans will be converted to grants, which will not need to be repaid.

The state will also be funding $25 million in low-income housing tax credit projects, which will allow and promote the construction of 2,000 units of high-quality affordable housing. Another $12 million will come through the Rental Housing Works Program, which will create more projects as well as jobs for construction workers across the state.

$94 million in new grants and investments will go towards Marylanders with diabetes, which is reportedly the number one comorbidity for serious illness from the coronavirus.

An additional $10 million in investments will go towards funding for PPE and protective barriers for the state’s 34 district court locations, rapid testing equipment for MSP, and additional resources to increase internet access for Baltimore City youth.

As of Thursday, 1,720 COVID patients are hospitalized in Maryland, which is the highest total ever during the pandemic. That includes 416 Marylanders in the ICU, which is the highest level since June 6th. Officials say the state has seen 20 straight days with more than 2,000 new cases, and has a current statewide positivity rate of 7.74%.

Hogan says health officials are continuing to monitor all data metrics to determine what additional statewide mitigation actions may be required.