Baltimore-based Capital Funding Group (CFG) and CFG Bank (CFGB) announced today the launch of a unique program surrounding the recent Presidential Memorandum regarding the deferral of the Social Security payroll tax for employees. Jack Dwyer, sole owner and chairman of the board of CFG/CFGB, will take on the responsibility of repaying the tax owed by each CFG employee affected. Jack is turning this tax deferment into a tax forgiveness to help support local businesses.
The program was designed to help trigger an economic revitalization in local economies during the COVID-19 pandemic for the remaining months of 2020. Participating employees will now have extra funds from their paychecks and are required to take this opportunity to support their local businesses, including restaurants, salons, tutoring centers, flights out of BWI, and gyms among others. Dwyer states, “This is a win-win for employees and businesses. I am confident that by working together we will help businesses receive much needed relief.”
The creation of this program reinforces the company’s commitment to giving back to its communities. Dwyer hopes this initiative will help motivate other businesses and CEOs to do the same for their employees. “I strongly believe that we all have an opportunity to make a positive difference. When I heard about the the deferral program, I thought it presented a unique opportunity to help our employees and local businesses. This is something that can be done in any city across the country. If business owners all come together, we can make a meaningful impact on those who have been financially hurt by the pandemic, says Dwyer.”
Senator Michael Hough(R-Frederick and Carroll Counties)is a strong supporter of this program. “This is a great example of how national policies like the paycheck deferral can be enhanced and even improved by local business leaders,” said Senator Hough. “This kind of innovation is what we need to move Maryland forward.”
CFG is a long-time supporter of the Baltimore community and has been previously involved with local and national charitable initiatives. At the beginning of the COVID-19 outbreak, CFG launched its Meals for Healthcare Heroes program, which provided free meals to frontline healthcare workers. As a result, this program helped three Maryland restaurants rehire employees who suffered furlough due to COVID-19.
Dwyer recently made a $3 million donation to the National Aquarium to help advance a long-awaited project to build a waterfront campus. This is part of his effort to support education and recreation in Baltimore in hopes that others will join him to improve the City. This donation comes after a previous philanthropic contribution that included a $3 million donation to the Mother Mary Lange Catholic School, which was the seed money for the fundraising effort to build the first new Catholic school in Baltimore in 57 years.
Capital Funding Group is a full-service provider of comprehensive financing solutions for healthcare facilities nationwide, focusing on the long-term care, assisted living and hospital sectors. Headquartered in Baltimore, Maryland, CFG is known as a one-stop shop for healthcare facility owners and operators, with expertise in HUD loans, bridge lending, working capital loans, commercial banking and investment advisory services through the CFG family of companies.
CFG Bank provides commercial, personal, and online banking solutions to the Mid-Atlantic business community and national healthcare market. Locally owned and operated, the bank dates back to 1927 when La Corona Building and Loan Association, Inc., was formed to meet the financial needs of Highlandtown and East Baltimore residents. Though the name has changed since 1927, CFG Bank prides itself on delivering big-bank capabilities and expertise with relationship-driven community bank service. The bank is headquartered in Baltimore, Maryland, with branches in Lutherville/Towson and Baltimore City.
