|SBA Offers Disaster Assistance to Businesses & Residents Affected by Tropical Storm Ida|
|October 20, 2021|
Governor Hogan announced the federal approval of the Small Business Administration Disaster Declaration for Tropical Depression Ida. MD businesses and residents affected by the storm may be eligible to apply for low-interest disaster loans from the US SBA.
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 2.855 percent for businesses, 2 percent for nonprofit organizations, and 1.563 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at disasterloanassistance.sba.gov/ela/s/and should apply under SBA declaration #17229.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or emailing DisasterCustomerService@sba.gov. Loan applications may be downloaded at sba.gov/disaster Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
To assist in the process, the SBA will be opening a Disaster Loan Outreach Center (DLOC) at the North East Library on 485 Mauldin Avenue, North East 21901. Hours of operations are as follows:
Opening: Thursday, October 21, 11am- 5:30pm
Customer Service Representatives will be available at the DLOCs to answer questions about the disaster loan program and help individuals complete their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the DLOCs are encouraged to wear a face mask.
The filing deadline to return applications for physical property damage is Dec. 17, 2021. The deadline to return economic injury applications is July 18, 2022.
|Hyperlinks:||SBA Disaster Loan Assistance