$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