Governor Hogan Announces Federal Approval of Small Business Administration Disaster Declaration For Tropical Depression Ida
Federal Declaration Makes Low Interest Loans Available to Businesses, Nonprofits, and Homeowners
State Has Made Up To $4 Million In Assistance Available For Relief
ANNAPOLIS, MD—Governor Larry Hogan today announced approval of a U.S. Small Business Administration disaster declaration for areas affected by Tropical Depression Ida.
The declaration, which makes low-interest disaster loans available, covers Anne Arundel, Cecil and Montgomery counties, as well as the adjacent counties of Baltimore, Baltimore City, Calvert, Frederick, Harford, Howard, Kent, and Prince George’s.
“I want to thank the federal administration for acting swiftly on our request for this disaster declaration, which will make more assistance available to businesses and homeowners affected by the storm,” said Governor Hogan. “Our administration will continue to work closely with local leaders and do everything we can to help homeowners and businesses recover.”
Last week, the governor announced that the state has made up to $4 million available for programs administered through the Maryland Department of Housing and Community Development that can assist businesses and residents with home repair, short-term rental assistance, and business loans. These programs include the Maryland Disaster Housing Assistance Program, the Maryland Disaster Relief Housing Program, and the Maryland Business Recovery Loan program.
The SBA’s disaster declaration makes low-interest loan programs available for the affected areas, including:
- Business Physical Disaster Loans: Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, 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 Injury 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 ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
- Home Disaster Loans: Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
Applicants may apply online using the Electronic Loan Application via SBA’s secure website and should apply under SBA declaration # 17229. The filing deadline for applications for physical property damage is Dec. 17, 2021. The deadline for economic injury applications is July 18, 2022.
Learn more about how to apply for assistance at sba.gov.