$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 (https://commerce.maryland.gov/fund/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 (https://commerce.maryland.gov/fund/programs-for-businesses/msbdfa) 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.