Gov. Larry Hogan announced a financial assistance package Thursday afternoon that will protect small businesses struggling because of the pandemic.

The package includes an executive order that will protect businesses from sudden or substantial increases in their unemployment taxes.

“This emergency relief will help businesses keep their operations going and to help keep more people on their payrolls,” Hogan said.

In March, the state provided $75 million in emergency loans to small businesses. Hogan announced that he is forgiving that debt.

“These loans will be converted to grants, which will not have to be paid back,” he said.

Hogan said the measures are necessary as Congress has not yet provided federal relief funds.

“Congress continues to fail at the one simple thing we have been asking them to do for the last eight months, which is to provide additional emergency relief for our struggling families and small businesses,” he said.

The governor also announced a $25 million investment in low-income housing tax credit projects and a $94 million investment in diabetes prevention and treatment.

Hogan did not announce any new statewide COVID-19 restrictions.