Maryland continues to be a great place to do business. The Maryland Department of Housing and Community Development is working to administer $25 million of financial support to new or growing businesses as part of Project Restore. Project Restore consists of two separate grant opportunities for businesses to open or expand into previously vacant real estate. The application portal is scheduled to open Wednesday September 8th at noon through Maryland's OneStop Portal on a rolling first-come basis.
Rental Assistance Grant: Qualified businesses with 50 or fewer full time employees can apply for a grant to cover the cost of the applicants rent. The maximum grant request amount is $30,000 (up to $2,500 per month) for one rental year. A businesses monthly rent can exceed the monthly threshold, but will be limited by monthly maximum.
Business Operations Grant: Qualified business can apply for a grant to cover the applicants operations that generate sales and use tax. Common qualified businesses that generate sales and use tax include retail and dinning. Funds must be used for activities related to sustaining and growing the business such as capital improvements (building, leasehold, and equipment purchases), staffing, utilities, marketing, and more.
An eligible business applicant for both grants must meet the following application criteria:
May be a new or existing business located in Maryland, and
Business must be registered and in good standing with Maryland Department of Assessments and Taxation (SDAT), and
Business must be open or expand in a retail or commercial space that has been vacant at least 6 months prior to application submission, and
Financially viable business whose operations will continue.
Please refer to the Notice of Funding Availability for further application details for each grant. The application portal closes at 5PM on Friday October 8th, 2021.
Businesses planning to apply are required to provide financial statements, tax documents, and sales and use tax data for 2019. Let Patapsco Corporate Services help you in the application process by ensuring your financial statements are accurate and tax detail is complete. Reach out today at 240 - 910 - 0364 or Alex@PatapscoCorp.com with questions or assistance with your businesses application.