Governor Larry Hogan announced Project Restore, a new $25 million economic recovery program that will provide financial support to help encourage new or growing small businesses and commercial developers to acquire vacant retail and commercial land.
The program is managed by the Maryland Department of Housing and Community Development and will provide grants and sales tax relief rebates to help offset startup and operating costs in Maryland’s unoccupied properties.
Applicants may choose to apply for the Rental Assistant Grant or the Business Operations Grant.
Rental Assistant Grant:
- Businesses must operate with no more than 50 employees.
- Applicants may request up to $30,000 for one year of rent (up to $2,500 /monthly rent).
- Rent may exceed $2,500, but applicants will only be granted a maximum of $2,500 per month for one year.
Business Operations Grant:
- Businesses are eligible for a maximum of $250,000 for one or two years for businesses that generate sales and use tax.
- Funds may be used for operating costs, including, but not limited to hiring new employees, supplies, or marketing.
- Grants will be paid out quarterly and based on sales and use tax.
Eligibility
- Businesses must be new or expanding their operations into an unoccupied space that has not been generating income for the past six months or more.
- Applicants must commit to occupy the space for at least 12 months.
Application Process
The application process is scheduled to open September 8, 2021. Interested businesses must register with the Maryland OneStop Portal before completing the application.
For more information on Project Restore, click here.
If you have questions on this program or need help completing your application, please contact an MCB Advisor at 703-218-3600 or click here.
As we have been doing with all coronavirus legislation and IRS and SBA guidance during these past several months, we will be sure to update you with any additional insight as soon as possible. Continue to check back here for the most up to date tax information and changes in response to coronavirus. Click here for all of your coronavirus resources.
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