The same federal agency that helped small businesses across the country stay afloat during the pandemic set up shop about two miles from the site of the fallen Francis Scott Key Bridge in Maryland to provide potential economic assistance to businesses in the state and region. .
U.S. Small Business Administration Administrator Isabel Casillas Guzmán announced Saturday that businesses in the Mid-Atlantic region affected by the bridge collapse can apply for long-term, low-interest economic injury disaster loans. up to $2 million.
“These loans can be used to pay normal operating expenses, such as fixed debts, payroll, accounts payable and other bills that cannot be paid due to the disruption,” it said on March 30. Press release saying.
The loans, with a 4% interest rate for small businesses and a 3.25% interest rate for private nonprofit organizations with terms of up to 30 years, became available after Maryland Gov. Wes Moore , will request a disaster declaration from the Small Business Administration on March 29. The governor’s request came just three days after the bridge collapsed, restricting boat traffic near the Port of Baltimore, a the 20 best port of the country classified by both total tonnage and containers.
According to the statement, the loans are “restricted to small businesses without the financial capacity to offset the adverse impact without hardship.” The declaration extends to the entire state of Maryland, as well as the contiguous counties of Delaware, Pennsylvania, Virginia, West Virginia, and the District of Columbia.
Further:Francis Scott Key Bridge ‘family, communities and jobs connected’ in Baltimore
Local small businesses can ‘access vital economic assistance’, official says
“I want to thank Governor Moore for his hard work and response to this situation that allowed us to ensure that local small businesses can now access vital economic assistance,” said Stephen Umberger, director of the Maryland District of the Small Business Administration, in the notice. .
Federal loans do not accrue interest until one year after the date of first disbursement, and repayment does not begin until one year after the date of first disbursement.
Applicants can apply online and receive additional information about disaster assistance at sba.gov/disasteror by calling or emailing the Administration Customer Service Center at (800) 659-2955 or disastercustomerservice@sba.gov.
The agency is also establishing an outpost in Dundalk, near the site of the fallen bridge, where customer service representatives at the administration’s Business Recovery Center are set up to help business owners with their applications, accept documents for existing requests and provide request status updates. A representative from the nonprofit Dundalk Renaissance confirmed in an April 1 phone call that he will host Small Business Administration officials at its eastern Baltimore County site in Dundalk.
A second Small Business Administration Business Recovery Center site is being set up at the CareFirst Engagement Center in Baltimore’s Canton neighborhood, said Rachel Howard, spokeswoman for the Small Business Administration’s Baltimore District Office. from USA
Federal efforts join state-level efforts to provide relief to those affected by the closure of the Port of Baltimore. A state billThe Maryland Regional Trade and Opportunity Protection (PORT) Act is scheduled to have a hearing on April 2 at 1 p.m.
Further:Maryland Lawmakers Launch Effort to Help Workers Affected by Baltimore Bridge Collapse
Dwight A. Weingarten is an investigative journalist covering the Maryland State House and state issues. He can be reached at dweingarten@gannett.com or on Twitter at @DwightWeingart2.