Comptroller Peter Franchot wants state to tap Rainy Day Fund
Comptroller Peter Franchot urged Governor Hogan and lawmakers to increase aid to Maryland’s small businesses struggling during the pandemic.
His ask included a draw of at least $500 million from the state’s Rainy Day fund. That money would then be used to provide $10,000 grants to struggling small businesses.
“It’s there and it needs to be spent yesterday…to save small businesses that are hanging on by a thread,” Franchot told a small business roundtable.
The state has earmarked $175 million worth of grants, loans, and other relief so far with the first round of $50 million in grants through the Department of Commerce still making its way to businesses. Those grants were announced in March.
The additional $500 million in small business relief would need to be approved by the governor and the General Assembly.