New COVID-19 Funding Allocated to Small Businesses
Yesterday Governor Hogan announced additional funding for small businesses affected by the COVID-19 pandemic. Two programs will receive a total of $50 million of federal funding from the CARES Act. The bulk of the funds, $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. The additional funding will become available on July 20th and will be distributed on a first-come, first-served basis based on the applications already received by the Maryland Department of Commerce. No new applications will be accepted. An additional $5 million will be allocated to the Maryland Small Business Development Financing Authority (MSBDFA) to provide financing to businesses owned by economically and socially disadvantaged entrepreneurs. Funding awarded by MSBDFA must be used for working capital, supplies and materials, machinery and equipment acquisition, land acquisition, or real estate improvements. Use the link provided to learn more about MSBDFA.
Maryland Small Business Development Financing Authority (MSBDFA)