Today, the Maryland Chamber of Commerce announced the launch of the “ReNEW Maryland” initiative, a collection of policy proposals to assist Maryland in overcoming the economic impact of COVID-19 and rebuilding its economy. ReNEW Maryland is the product of input provided by members of the Chamber’s COVID-19 Working Group and other member stakeholders from across the state.
“The health and safety of the public, including our 4,500 members and federated partners and their employees, remains our top priority,” said Christine Ross, president and CEO of the Maryland Chamber of Commerce. “We also believe that federal and state actions taken to address the challenges posed by the evolving crisis must appropriately balance public health and safety with the economic realities our members face. Our ‘ReNEW Maryland’ plan features proposals that are meant to serve as a menu of options for recovery efforts that will get Marylanders back to work as soon and as safely as possible.”
“ReNew Maryland” features three main phases aimed at short-term recovery (Economic Resilience), mid-term recovery (Economic Recovery) and long-term recovery (Economic Rise). These steps are likely to evolve as the public health crisis and economic response evolves.
Economic Resilience will focus on recommendations that provide immediate financial relief to businesses and re-build consumer confidence to bridge the gap between the negative economic impact of COVID-19 and recovery.
The Economic Recovery phase will kick in as commerce begins to gradually reopen. These policies will focus on establishing stability and predictability for businesses, including financial recovery initiatives like debt forgiveness and protecting businesses from predatory lawsuits.
The third and final phase, Economic Rise, will examine economic growth and expansion in the post-COVID economy. Once we achieve stability and return to post-COVID levels in key economic indicators, we must turn our attention to securing Maryland’s future through a stronger economy and business climate.
“Overcoming the economic implications of COVID-19 will require an extraordinary response,” added Ross. “We are truly grateful for Governor Hogan’s unwavering leadership throughout this crisis and hope that the Maryland Chamber’s ‘ReNEW Maryland’ plan will only serve to bolster the state’s efforts to revive the business community and our economy in the near, mid and long-term.
We encourage you to read the “ReNEW Maryland” proposals by clicking here, and let us know your thoughts. Your insight is critical to ensuring our success.