News Release, Office of Governor Larry Hogan
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
ANNAPOLIS, MD—Governor Larry Hogan today 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 investementsthrough 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 millionwill be allocated to expand theMaryland 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 millionwill be allocated to theMaryland Small Business Development Financing Authorityto provide financing tobusinesses 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 millionto 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 millionwill 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 millionwill 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 millionwill be allocated to reimburse state-supported universities for COVID-19 related expenses, including support for their public safety activities.