10.19.21 – WMAR -ANNAPOLIS, Md.
The U.S. Small Business Administration has approved Maryland’s request for a Disaster Declaration for those impacted by Tropical Depression Ida.
Authorization comes less than 24 hours after Maryland’s congressional delegation wrote a letter to SBA Administraator Isabella Casillas Guzman, calling for action.
Just last week, FEMA denied the state’s request for a presidential disaster declaration that would have helped fund recovery efforts.
Approval from the SBA not only makes low-interest loan programs available for business and home owners in the areas most affected by Ida but also their neighboring jurisdictions.
On September 1, remnants of Hurricane Ida caused a tornado that devastated several homes and businesses in Annapolis and Edgewater.
In total, nearly 200 homes and businesses were damaged.
To receive an SBA Disaster Declaration a minimum 25 homes or businesses had to have been damaged with at least 40 percent suffering uninsured losses. Maryland by far exceeded that number.
Overall the new declaration covers Anne Arundel, Cecil, Montgomery, Baltimore, Calvert, Frederick, Harford, Howard, Kent, and Prince George’s Counties, as well as Baltimore City.
Here are three of the low interest loan programs that will now be offered.
- 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.
To apply, fill out the Electronic Loan Application on the SBA website using SBA declaration # 17229.
The deadline to file physical property damage applications is December 17. Economic injury applications have to be in by July 18, 2022.https://5c78ab25ad335444f64d98ba7c56f3a3.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
In addition to the federal loan programs now available, Maryland also released $4 million in funding for programs that can help impacted businesses and residents with home repair, short-term rental assistance, and business loans.
If your property was damaged in the aftermath of Ida, you can follow these steps.