The U.S. Small Business Administration (SBA) has announced that small businesses affected by the Francis Scott Key Bridge collapse on March 26, 2024, can now apply for low-interest, long-term Economic Injury Disaster Loans (EIDLs). This assistance is available to businesses in Maryland, Washington, D.C., and selected counties in Delaware, Pennsylvania, Virginia, and West Virginia (SBA.gov) (Maryland Chamber of Commerce).
The SBA’s response came after a request from Maryland Governor Wes Moore, leading to a disaster declaration that allows eligible businesses to apply for loans up to $2 million. These loans are intended to help businesses cover normal operating expenses such as fixed debts, payroll, and accounts payable that cannot be met due to the economic disruption caused by the bridge collapse. The loans have an interest rate of 4% for small businesses and 3.25% for private nonprofit organizations, with repayment starting 12 months after the first disbursement (SBA.gov) (GlobeNewswire).
To support affected businesses, the SBA has opened Business Recovery Centers in Dundalk and Baltimore, where representatives are available to assist with loan applications and provide updates on existing applications (Maryland Chamber of Commerce).
For more information or to apply for a loan, businesses can visit the SBA’s disaster assistance website or contact their Customer Service Center (GlobeNewswire) (Maryland Chamber of Commerce).