Federal statement makes low interest loans available to businesses, nonprofits, and homeowners
The state has provided up to $ 4 million in aid available for relief

ANNAPOLIS, MD–Governor Larry Hogan today announced the approval of a 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,” Governor Hogan said. “Our administration will continue to work closely with local leaders and will do everything possible to help owners and businesses recover.”

Last week, the governor announced that the state had provided up to $ 4 million for programs administered by the Maryland Department of Housing and Community Development that can help businesses and residents repair their homes, rent a help with short-term rentals and loans to businesses. These programs include the Maryland Disaster Housing Assistance Program, the Maryland Disaster Relief Housing Program, and the Maryland Business Recovery Loan Program.

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 businesses engaged in aquaculture and most private non-profit organizations of all sizes meet 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 SBA Statement # 17229. The deadline for filing property damage claims is December 17, 2021. The deadline for claims for economic damage is July 18, 2022.

Learn more about how to get help from sba.gov.

– ### –