Comptroller Wants Reserved Funds Dedicated to Low Wage Earners, Small Businesses

In a virtual meeting on Dec. 11, the Maryland Board of Revenue Estimates voted to increase the revenue projections for Fiscal Year 2021 by 0.3 percent to $18.8 billion – a $64 million increase from the September estimates.

Although the figures seem like a positive sign, state officials say they also reflect that Maryland’s lowest wage earners and small businesses continue to be highly impacted economically by the COVID-19 health crisis.

State Comptroller Peter Franchot suggests that some of the available state reserved funds be dedicated to low wage earners and small business owners who need it the most.

“We have hundreds of thousands of Marylanders who are unemployed and as of today are facing evictions, hunger, lack of medical care, and the end of relief payments through no fault of their own. In addition, tens of thousands of small businesses have permanently closed, and tens of thousands more are hanging on by a thread. I have identified $1.5 billion in state reserves that could be spent immediately to prevent evictions, feed the hungry, provide medical care, and also support small businesses,” said Comptroller Franchot.

“I join Governor Hogan, our Congressional Delegation, and leaders across our state in calling on Congress to pass a second stimulus before they adjourn for the year,” Franchot continued.

Click here to watch the entire Board of Revenue Estimates virtual meeting.

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Jordan Lindsay

About Jordan Lindsay

Jordan Lindsay is a Reporter for My MC Media. Let her help tell your story by emailing jlindsay@mymcmedia.org

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