Hogan Announces Low-Interest Loans Available For Those Impacted By Hurricane Ida
ANNAPOLIS, Md. (WJZ) -- Gov. Larry Hogan on Monday announced federal approval of a disaster declaration that will make low-interest disaster loans available to businesses, nonprofits, and homeowners impacted by Hurricane Ida.
The remnants of Hurricane Ida spawned two confirmed tornados over Anne Arundel County that left significant damage to homes and businesses. Torrential rain left behind serious flooding in other areas.
The U.S. Small Business Administration disaster declaration unlocks low-interest loans for impacted areas in Anne Arundel, Cecil, Montgomery, Baltimore, Calvert, Frederick, Harford, Howard, Kent, and Prince George's counties and Baltimore City.
The Governor's Office said the loans include:
- 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.
"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," Gov. Hogan said. "Our administration will continue to work closely with local leaders and do everything we can to help homeowners and businesses recover."
Last Friday, the governor announced $4 million in relief for homeowners and businesses who suffered damages.