WASHINGTON – U.S. Senator Ben Cardin, Ranking Member of the Senate Small Business and Entrepreneurship Committee, Senator Chris Van Hollen, a member of the Senate Appropriations Committee, and Congressmen Steny H. Hoyer, Dutch Ruppersberger, John P. Sarbanes, Kweisi Mfume, Anthony G. Brown, Jamie Raskin and David Trone (All D-Md.) Friday announced $3.4 million in Coronavirus Aid, Relief and Economic Security (CARES) Act Recovery Assistance to support Maryland small businesses and entrepreneurs harmed by the COVID-19 pandemic.
Congress wrote and passed the CARES Act earlier this year, with strong provisions to help small businesses and entrepreneurs make it through these difficult times. The three grants announced will capitalize Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs for a range of needs including supporting payroll, acquiring equipment and inventory, reconfiguring existing or new space to meet Coronavirus guidelines, capital improvements and more.
“Congress came together in an overwhelmingly bipartisan manner to pass the CARES Act and deliver emergency support to American families and small businesses,” the lawmakers said. “While our nation continues to address the public health crisis that is hurting communities coast to coast, we must simultaneously face the economic crisis threatening so many working Americans, entrepreneurs, employers and local communities.
“Small businesses in Maryland and across the country are the engine of our economy and, with so many of them struggling to stay afloat, Congress must build on the CARES Act to deliver more relief for our local communities, small businesses and nonprofits. This pandemic will not miraculously disappear on its own and neither will the economic fallout,” the lawmakers added. “As a delegation, we supported the Heroes Act, which passed the House of Representatives in May, and continue to urge Senator McConnell to take up this critical legislation in the Senate. Congress must deliver more funding to Marylanders in need.”
U.S. Department of Commerce Economic Development Administration (EDA) Grants announced include:
- Baltimore County DEWD (Department of Economic and Workforce Development), Towson, Md., will receive a $1.6 million EDA CARES Act Recovery Assistance grant to an RLF to provide loans to coronavirus-impacted small businesses in Baltimore County.
- Tri-County Council for Western Maryland, Frostburg, Md., will receive a $1 million EDA CARES Act Recovery Assistance grant to administer RLFs that will provide critical gap financing to coronavirus-impacted small businesses in Allegany, Garrett, and Washington counties.
- Maryland Department of Commerce, Baltimore, Md., will receive a $770,000 EDA CARES Act Recovery Assistance grant to administer RLFs that will provide critical gap financing to small businesses adversely impacted by the coronavirus pandemic across Maryland.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth. The lawmakers have fought for robust funding for the EDA and have worked to support Maryland’s efforts to secure these funds.