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FEMA Approves Millions of Disaster Loans for Earthquake Affected Municipalities | Business

The Federal Emergency Management Agency (FEMA) announced the approval of nearly $ 90 million in low-interest community loans, called CDLs, to help municipalities affected by the 2020 earthquakes in their long-term recovery.

Twenty-five municipalities in the south, center and west of the island benefited from this federal assistance, which ended on June 30. All municipalities that have applied for the loan and submitted the required documents have been approved.

“Earthquakes have certainly transformed the economic landscape of many municipalities simultaneously confronted with the consequences of Hurricane María. The loans serve as tools that, with the support of the government of Puerto Rico, help stabilize operations in municipalities and reactivate local economies, ”said José G. Baquero, Federal Disaster Recovery Coordinator in Puerto Rico .

The CDL program provides funding for operational expenses to assist local governments that have suffered a significant loss of revenue due to a declared disaster. This operational disruption often negatively affects the ability of cities to provide essential municipal services.

The funds will provide economic relief to municipalities such as San Germán, which worked in coordination with FEMA to secure approval for this loan.

“The municipalities have seen their finances affected by the loss of income, so the loan is very important because it will help us continue to provide services to our population and guarantee our employees the job security they deserve. We appreciate FEMA’s commitment, ”said Virgilio Olivera Olivera, Mayor of San Germán.

For his part, the mayor of Aguada, Christian Cortés Feliciano, said the budgetary challenges facing the island were made worse by emergencies caused by natural disasters and the COVID-19 pandemic. “This loan will help us subsidize operating expenses, stabilize our finances and chart a path to recovery where we can sustain ourselves with our own funds and fully comply with our obligations. I am convinced that with good planning, hard work and shared determination, we will move forward, ”said the mayor.

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