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Maryland Code, Economic Development § 16-102

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) There is a Purple Line Construction Zone Grant Program.

(2) The purpose of the Grant Program is to provide funds to Montgomery County and Prince George's County to provide assistance to qualified small businesses to assist in offsetting business revenue lost as a result of the construction of the Purple Line light rail project in those counties.

(3) In each of fiscal years 2023 and 2024, the Department of Commerce shall provide $1,000,000 in general funds to the Grant Program to assist qualified small businesses.

(b)(1) The Department of Commerce shall implement the Grant Program.

(2) The Department shall distribute funds provided for the Grant Program based on the number of qualified small businesses located in Montgomery County and Prince George's County.

(c) A county that receives funds under this section shall implement a process for awarding grants to eligible qualified small businesses.

(d)(1) The Department of Commerce may distribute funding in accordance with subsection (b) of this section and a county may award grants until all the money allotted for the Grant Program has been distributed or awarded or until December 31, 2024, whichever occurs first.

(2) Any money that has not been distributed or awarded on or before December 31, 2024, shall revert to the Maryland Economic Development Assistance Fund.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 16-102 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-16-102/

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