Maryland Gov. Robert Ehrlich has requested that the U.S. Small Business Administration (SBA) declare a Small Business Administration Disaster due to the physical damage incurred by Cecil and Harford Counties by floods on July 12-13.
“This declaration is a necessary request for the economic recovery of homes and businesses in Cecil and Harford Counties,” said the Governor. “Maryland officials will continue to work with the federal government in an effort to help citizens rebuild their livelihoods and lives.”
Upon the declaration approval, the SBA will be authorized to make low-interest, long-term disaster loans to homeowners, renters, and businesses of any size in a declared disaster area to repair or replace damaged real estate or personal property to its pre-disaster condition. Renters will be eligible for loans to cover personal property losses.
In addition, individuals may borrow up to $200,000 to repair or replace primary real estate and $40,000 to cover losses to personal property. Business physical disaster loans are available to repair or replace real property owned by businesses including real estate, machinery and equipment, inventory, supplies and possible leasehold improvements.
The flooding, which was caused by severe thunderstorms during the evening of July 12, resulted in damage to or destruction of 87 homes and businesses.
Individuals and families suffered personal property losses, while some were forced to relocate from their homes due to extensive damage.
Was this article valuable?
Here are more articles you may enjoy.