Gov. Larry Hogan announced that Project Restore, the State of Maryland’s $25 million economic recovery initiative to support small businesses and revitalize vacant retail and commercial spaces, will begin accepting applications in early September.
“The entire mission of our state government continues to be keeping Maryland open for business, and with this transformative Project Restore initiative we are jumpstarting the next phase of our economic recovery from COVID-19,” Hogan said in a prepared statement. “As we begin accepting applications, I encourage local businesses and developers to apply for these financial incentives and be part of our efforts to revitalize Main Streets and communities across our state.”
Administered by the Maryland Department of Housing and Community Development, Project Restore will provide new or expanding businesses with rental grants and sales tax relief rebates to help offset startup and operating costs during their first year.
To qualify, eligible entities must begin new or expanded operations in space that has not been generating sales tax receipts for at least the past six months. All applicants commit to occupying the space for a minimum of 12 months following receipt of the grant.
For more information and application details, go online.