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Franchot Warns of 30,000 Pandemic-Related Small Business Closures in MD by 2021

October 22nd, 2020 by WCBC Radio

Maryland Comptroller Peter Franchot says the Board of Public Works needs to act immediately on a $500 million rescue fund for small businesses. WBAP reports Franchot said the pandemic has devastated small businesses across the Old Line State.  Speaking at the beginning of Wednesday's Board of Public Works meeting, Franchot said the state faces an emergency, noting that as many as 30,000 small businesses could close by the end of the year.  Franchot says there is money in the state's reserve from the last budget year that totals $585 million to pay for the program.  He also says the state can borrow money one time to cover future shortfalls…