On January 11th, Governor Larry Hogan held a press conference to announce additional COVID relief to Maryland families and businesses. The new bill provides over $1 Billion in stimulus and tax relief to support Maryland’s economic recovering including the following:
- Payments totaling $267 million for certain Marylanders including those who qualified for the Earned Income Tax Credit in 2019 or 2020. No application is needed. Checks for $450 per individual and $750 per family will be sent once the bill is passed by the legislature.
- A repeal of state and local taxes on unemployment benefits providing $180 million in relief
- $300 million in tax relief for restaurants and small businesses by allowing them to keep up to $12,000 in sale tax over the next 4 months
Additionally, the act prevents sudden increases in unemployment taxes to businesses in 2021. It also protects businesses from any tax implications or increases from the receipt of state loan or grant funds received. While the state legislature must still pass the bill, Governor Hogan asked for a review on the first day of the session.
Combined with the announcement above, Maryland has provided $1.7 Billion in State relief to Marylanders. Additionally, Maryland was the first state to accept claims for the Federal extended unemployment programs. The State has paid out more than $15 million in benefits. This is on top of $8.7 Billion in Maryland unemployment benefits paid thus far.
You can view his full press conference here.