An additional $20 million in funding is available for Maryland’s small businesses through an expansion of the successful COVID-19 Layoff Aversion Fund. Businesses undergoing financial stresses due to the pandemic can apply for up to $50,000 in flexible and customizable funding to maintain their workforce beginning today, Wednesday, October 28th. Applications will be accepted through 30 days after the State of Emergency ends or until funding has been fully exhausted. Businesses will receive approval or denial within 5 days of applying for the funding.
Award recipients have used the average award of $22,738 per business for such things as purchasing remote access equipment and software to promote teleworking, assisting with employee training and education, purchasing cleaning supplies and services to maintain an onsite workforce, and taking advantage of the Maryland Department of Labor’s Work Sharing Unemployment Insurance Program by supplementing employee income.