MD businesses, nonprofit organizations, and colleges impacted by COVID-19 are getting financial help

MD businesses, nonprofit organizations, and colleges impacted by COVID-19 are getting financial help

MARYLAND — Colleges, small businesses, and nonprofit organizations impacted by the coronavirus pandemic are eligible for relief thanks to $190 million set aside from the federal CARES Act. In the past week, Maryland Gov. Larry Hogan allocated $475 million in federal resources to assist “critical sectors” of the economy.

$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. 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 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.

$50 Million for the Maryland Nonprofit Recovery Initiative

$50 million to 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 coronavirus pandemic. The goal of the initiative, which will be operated by the department of housing and community development, is to help stabilize and sustain a range of nonprofit operations, including affordable housing and disability nonprofits.

Of this $50 million, up to $8 million will 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 million will be awarded through the Maryland State Arts Council’s 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 canceled.

$90 Million for Higher Education

Up to $90 million will be allocated to reimburse state-supported universities for coronavirus related expenses, including support for their public safety activities.