American Rescue Plan's impact on Maryland; St. Paddy's Day arrives at Guinness

Good morning Baltimore!

Today AccuWeather is telling me that we'll see a snow shower — even though temperatures will be in the mid-40s. You can also expect high winds into the evening.

Now, let's get to the news.

American Rescue Plan's impact on Maryland

Now that we're two years since the launch of President Biden's American Rescue Plan Act, the White House has released state-by-state data on its impact. In Maryland, the ARPA funds had a wide-ranging impact. A total of 114,000 payments were made to help families cover the costs of rent and utilities, 2,018 Maryland restaurants received relief, students were given 214,000 connected devices to help close the homework gap, and 194,000 college students got direct financial assistance payments to help cover bills and keep them enrolled. Additionally, Maryland's unemployment rate fell from 6.4% in January 2021 to 3% in December 2022, as the state added 128,000 jobs, and there were a record 214,000 new Small Business Applications in the state.

Moore's Stadium Authority appointee has shaky financial past

One of Gov. Wes Moore's appointees to the Maryland Stadium Authority has a shaky financial past that includes a $7.2 million personal bankruptcy that closed a little more than a year ago, and lawsuits filed against her for unpaid debts, Maryland Matters reports. Yolanda Maria Martinez was appointed last month to the board that oversees hundreds of millions of dollars in projects and leases, including at Camden Yards, M&T Bank Stadium and Pimlico Race Course.

Baltimore makes progress in reducing vacant properties

Since January 2022, Baltimore has reduced its number of vacant properties by 752 for the lowest total the city has seen in decades — 14,292 as of March 10. That's according to Baltimore City Department of Housing & Community Development Commissioner Alice Kennedy who shared the update in an email Monday. She also noted several other steps the agency has taken to address the vacants issue, including an aerial roof study, a tax sale exemption program, launching the unsafe vacant marking initiative and general cleaning up and securing such properties.

Local Baltimore baker inks space at Harborplace

Crust by Mack, a bakery from local Amanda Mack , has signed on to open a space in the city's aging Harborplace development, which is poised for redevelopment by another local, developer P. David Bramble. Mack is the first new tenant to ink a deal at Harborplace since P. David Bramble took over. Baltimore Banner has the full story.

What bank failures mean for broader ecosystem

The end of last week and the start of this one brought rapid-fire failures at two banking institutions, Silicon Valley Bank and Signature Bank . The closure of these banks may indicate a reckoning is at hand for the industry, reports Andy Medici of The Business Journals. The federal government has already stepped up with guarantees, alleviating some of the short-term concerns surrounding the closures, but the big question is whether regulators' actions will be enough to prevent additional failures, calm depositors and avoid future bank runs. Experts say the nation's regional banks are likely to face the stiffest headwinds in the coming days and weeks, as they serve larger customers with more unsecured deposits than small community banks but lack the too-big-to-fail perception of their heavyweight counterparts.

The local impact of SVB, Signature Bank closures

Baltimore-based T. Rowe Price has potentially lost more than $1 billion in its mutual funds over the past few days through its stakes in banks that have collapsed or have seen their shares plummet amid volatility in the industry. T. Rowe is among the largest shareholders in Silicon Valley Bank and Signature Bank, which were closed by federal regulators in the last few days. In Baltimore's startup scene, local tech leaders say area startups were relatively insulated from the collapse of SVB, but could still feel the ripple effects.

Plans for St. Patrick's Day?

Baltimore's Guinness Open Gate Brewery kicked off its month-long St. Patrick's Day celebration on March 2, which includes limited-edition beer releases, merchandise, Irish food, live music and more — even a special secret menu. To unlock the exclusive items and deals, guests must recite Gaelic phrases. Sláinte!

Rita's plans for spring, further expansion

Rita's Italian Ice is gearing up for spring with plans to debut a new Gummy Bears flavor along with the free ice it typically gives away on the First Day of Spring, which falls on March 20 this year. But Rita's will also continue to stretch its legs further this year with 40 new locations. The Pennsylvania-based company is mostly regional but has seen steady growth along the southern stretch of I-95 as of late. Now, it will expand into Missouri and add to its presence in Midwest states such as Illinois, Texas and Oklahoma, the Philadelphia Business Journal reports.