Section 1. Upon receipt and approval of a sworn application by a non-farm owner of a home or personal property damaged or destroyed by the floods of September, 1971 or June, 1972, the Office of the Governor may make a grant to cover a portion of the loss on the following basis:
(1) The total loss of both real and personal property combined may be ascertained in accordance with the amount approved by a Small Business Administration or Farmers Home Administration Disaster Loan as provided in U.S. P.L.92-385 known as the Civil Disaster Relief Act of 1970 but shall not include any pre-flood indebtedness which has been consolidated with the property loss, nor shall it include any loss covered by an insurance policy, as any business loss as defined by the Small Business Administration.
(2) An adjusted loss shall be ascertained by deducting the amount of the Federal forgiveness from the figure arrived at in clause (1).
(3) For the first five thousand dollars ($5,000) of the adjusted loss, the grant shall be twenty-five per cent thereof.
(4) For the second five thousand dollars ($5,000) of the adjusted loss, the grant shall be fifteen per cent thereof.
(5) For the third five thousand dollars ($5,000) of the adjusted loss, the grant shall be ten per cent thereof.
(6) For the balance of the adjusted loss the grant shall be five per cent thereof but the total grant shall not exceed three thousand dollars ($3,000).
(7) Six per cent shall be added to all grants.