Maryland Comptroller Peter Franchot announced some good news. The state finished out the 2020 fiscal year with a fund balance of more than $585 million. But the question now is what to do with all of that money. “It is critical that the state of Maryland immediately allocate that toward small business,” said Comptroller Franchot.
The Comptroller says that if something isn’t done soon, many small businesses could go under. “Right now there’s thousands of small businesses – many of them on the shore – that are hanging by a thread and could permanently close over the next month,” said Comptroller Franchot.
Comptroller Franchot says that because this money isn’t allocated, it wouldn’t mean having to dip into the state’s rainy day fund, which is about $1.2 billion. “You don’t have to go into the rainy day fund. It’s separate. It’s a one time allocation of money,” said Comptroller Franchot.
Click here to read the rest of the article written by Hannah Cechini over at WMDT
