Governor Hogan announces federal approval of Small Business Administration disaster declaration for Tropical Storm Ida
Tuesday, October 19, 2021
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Governor Larry Hogan Announces Approval of US Small Business Administration disaster declaration for areas affected by tropical depression Ida.
The statement, which offers low-interest disaster loans, covers the counties of Anne Arundel, Cecil and Montgomery, as well as the adjacent counties of Baltimore, Baltimore City, Calvert, Frederick, Harford, Howard, Kent and Prince George.
“I would like to thank the federal administration for responding quickly to our request for a disaster declaration, which will make more assistance available to businesses and homeowners affected by the storm,” Hogan said in a press release. âOur administration will continue to work closely with local leaders and will do everything possible to help owners and businesses recover.â
Last week, it was announced that needy Maryland counties have been denied federal funds for disaster relief from Tropical Storm Ida. On Friday, Hogan announced that $ 4 million would go to help counties in need through the Maryland Department of Housing and Community Development, which is separate from the SBA statement.
The SBA disaster declaration provides low-interest loan programs for affected areas, including:
– Business Physical Disaster Loans: Business loans to repair or replace property damaged by a business owned disaster, including real estate, inventory, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc. are also eligible.
– Economic disaster loans: Working capital loans to help small businesses, small agricultural cooperatives, small aquaculture businesses and most private businesses, non-profit organizations of all sizes are meeting their regular and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are meant to help during the disaster recovery period.
– Disaster Home Loans: Loans to homeowners or tenants to repair or replace property and personal property damaged by disaster, including automobiles.
Applicants can apply online using electronic loan application through SBA’s secure system website and should apply under the SBA statement # 17229. The deadline for submitting claims for property damage is December 17, 2021. The deadline for claims for economic damages is July 18, 2022.
âThe Ida Tropical Depression devastated many communities across Maryland, further straining local resources. Federal help is needed to rebuild these neighborhoods, âread a statement by US lawmakers Ben Cardin, chairman of the Senate Committee on Small Business and Entrepreneurship, and Senator Chris Van Hollen, as well as members of Congress Steny. H. Hoyer, Dutch Ruppersberger, John Sarbanes, Kweisi Mfume, Andy Harris, MD, Anthony G. Brown, Jamie B. Raskin and David Trone. The Maryland Federal Team applauds the SBA for acceding to the state’s disaster request to make storm-affected homeowners, businesses, and nonprofits eligible for disaster relief programs. SBA disaster, including long-term, low-cost EIDL loans. This help will be crucial for a rapid
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