Current:Home > StocksMaryland program to help Port of Baltimore businesses retain employees begins -Streamline Finance
Maryland program to help Port of Baltimore businesses retain employees begins
TrendPulse Quantitative Think Tank Center View
Date:2025-04-07 22:41:42
ANNAPOLIS, Md. (AP) — Maryland Gov. Wes Moore announced on Friday the start of a program to help Port of Baltimore businesses retain employees in the aftermath of the Francis Scott Key Bridge collapse.
The $12.5 million program aims to prevent layoffs while recovery work continues. The program was created by executive order and authorized by emergency legislation the governor signed on Tuesday.
“We must do everything in our power to support the 8,000 Port workers whose jobs have been directly affected by the collapse of the Key Bridge — and the thousands more who have been touched by this crisis,” Moore, a Democrat, said in a news release.
The program is being run by the state’s labor department.
“The Worker Retention Program will keep Port businesses in operation and workers able to earn income and support their families as the U.S. Army Corps and others work to get the shipping channels reopened,” said Maryland Secretary of Labor Portia Wu.
Under the program, entities eligible for up to $200,000 in grants include businesses that employ up to 500 workers, unions, trade associations, and organizations that have had operations hindered or completely halted by the port slowdown.
Up to $7,500 can be spent per worker on wages or other support.
Businesses that receive funding under the program must demonstrate an effort to the fullest extent to avoid layoffs and maintain workforce hours, rates of pay, and benefits that were in effect before the port’s reduced operations.
Allowable expenses include supportive services for workers, such as subsidizing child care and transportation costs as well as payroll expenses as part of participation in the Work Sharing Unemployment Insurance Program.
The governor’s office said other relief programs that were authorized by the legislation signed into law this week will start on April 22.
One of them provides grants of up to $100,000 to eligible businesses that have had operations impacted or shipments disrupted at the port. To be eligible, businesses must demonstrate economic and financial injury through a reduction in business revenue and activity, or increased costs to business operations.
The Department of Commerce: Port of Baltimore Emergency Business Assistance Program will begin accepting applications.
Another program will make a total of $15 million in loans and grants available to businesses that have been affected by a loss of revenue or increased costs, under the Neighborhood BusinessWorks program administered by the Maryland Department of Housing and Community Development.
The Small Business Grants Program will have $5 million to offer grants up to $50,000 to small businesses within a 5-mile radius of the Key Bridge, and the Business Loan Program will have $10 million to offer loans up to $500,000 to businesses impacted by the Key Bridge collapse or reduction in Port activity statewide.
The container ship Dali was leaving Baltimore, laden with cargo and headed for Sri Lanka, when it struck one of the bridge’s supporting columns last month, causing the span to collapse into the Patapsco River. Six members of a roadwork crew were killed.
veryGood! (6123)
Related
- Everything Simone Biles did at the Paris Olympics was amplified. She thrived in the spotlight
- Denver Nuggets seize opportunity to even up NBA playoff series vs. Minnesota Timberwolves
- Kaia Gerber Shares Insight Into Pregnant Pal Hailey Bieber's Maternal Side
- Travis Barker Shares Never-Before-Seen Photos of Kourtney Kardashian and Baby Rocky for Mother's Day
- Plunge Into These Olympic Artistic Swimmers’ Hair and Makeup Secrets
- Flash floods in northern Afghanistan sweep away livelihoods, leaving hundreds dead and missing
- Swiss fans get ready to welcome Eurovision winner Nemo back home
- Severe storms blitz the US South again after one of the most active tornado periods in history
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
- Vancouver Canucks hang on for NHL playoff Game 3 win vs. Edmonton Oilers
Ranking
- RFK Jr. closer to getting on New Jersey ballot after judge rules he didn’t violate ‘sore loser’ law
- Are US interest rates high enough to beat inflation? The Fed will take its time to find out
- Kylie Jenner’s Latest Glimpse of Kids Stormi and Aire Will Warm Your Heart
- Olivia Munn reveals she had a hysterectomy amid breast cancer battle
- British swimmer Adam Peaty: There are worms in the food at Paris Olympic Village
- Suspect in fatal shooting of Ohio police officer dead after standoff: What we know
- Pioneering Financial Innovation: Wilbur Clark and the Ascendance of the FB Finance Institute
- Controlled demolition at Baltimore bridge collapse site on track
Recommendation
Michigan lawmaker who was arrested in June loses reelection bid in Republican primary
The Token Revolution of WT Finance Institute: Launching WFI Token to Fund and Enhance 'Ai Wealth Creation 4.0' Investment System
Flash floods in northern Afghanistan killed more than 300 people, U.N. says
Duke students walk out to protest Jerry Seinfeld's commencement speech in latest grad disruption
Golf's No. 1 Nelly Korda looking to regain her form – and her spot on the Olympic podium
NCAA softball tournament bracket: Texas gets top seed; Oklahoma seeks 4th straight title
A Visionary Integration with WFI Token and Financial Education
Fox to the 'Rescue' this fall with 'Baywatch'-style lifeguard drama, 'Murder in a Small Town'