This week Maryland Technology Council announced that the Maryland Senate and House completed their veto overrides of 2020 legislation Senate Bill 398/House Bill 514: Maryland Small Business Innovation Research and Technology Transfer Incentive Program was overridden.
This bill establishes the Maryland Small Business Innovation Research and Technology Transfer (SBIR/STTR) Incentive Program, administered by the Maryland Technology Development Corporation (TEDCO). Generally, an eligible small business may apply for an award or investment of 25% of an SBIR/STTR grant, as defined, limited to $25,000 for Phase I funding or $75,000 for Phase II funding. TEDCO may make up to 20 Phase I distributions and 10 Phase II distributions per fiscal year. A special fund is established for the administration of the program. The bill takes effect July 1, 2021. https://legiscan.com/MD/text/HB654/2021
When can Maryland small business take advantage of this matching program? Sadly, my information from TEDCO is that while the legislation has passed, there is currently no funding to support the program. However, TEDCO will actively seek funding to implement the program. We will have to wait for a formal notice of program funding and a request for small business applications from TEDCO.