BALTIMORE, Md. (WDVM) — There is great news for small businesses in Maryland.
The Maryland Department of Labor announced $20 million in funding to help small businesses undergoing financial stresses because of the pandemic.
“Labor’s COVID-19 Layoff Aversion Fund has already provided critical funding to small businesses representing nearly 20 diverse industry sectors, ranging from health care to retail, that are located in all 24 jurisdictions in Maryland,” said Labor Secretary Tiffany Robinson. “By expanding the program, Governor Hogan is giving our team the opportunity to help hundreds of additional businesses stay afloat, forego layoffs of thousands of employees, and remain open for business.”
State leaders say the funds are available through the expansion of the COVID-19 Layoff Aversion Fund. The fund will support businesses to prevent or minimize employment because of layoffs.
Businesses can apply for up to $50,000 and applications will be accepted for 30 days or until Gov. Larry Hogan ends the state of emergency.
“Initially introduced in March, the COVID-19 Layoff Aversion Fund has already helped 445 small businesses with an average of 20 employees stay open and saved nearly 9,000 Maryland jobs,” said Governor Larry Hogan. “Through our Economic Recovery Initiative, we have allocated an additional $20 million to expand the COVID-19 Layoff Aversion Fund and to provide further financial support to our state’s small businesses as they continue to adapt to and overcome the challenges presented by the pandemic.”
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