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Small Business Administration offers loans for businesses impacted by Francis Scott Key Bridge collapse

On Saturday, the Small Business Administration (SBA) Administrator Isabel Casillas Guzman announced that Mid-Atlantic small businesses affected by the Francis Scott Key Bridge collapse may apply for low-interest, long-term Economic Injury Disaster Loans (EIDL).

ÔÇ£The SBA joins the entire federal family in grieving for the lives lost in the tragic collapse of the Francis Scott Key Bridge,ÔÇØ said Administrator Guzman. ÔÇ£As Baltimore and the wider community mourn and start to rebuild, the SBA and the Biden-Harris Administration stand ready to help local small businesses get through the economic disruption caused by the bridge collapse.ÔÇØ

Video above: Drone video of Baltimore bridge collapse from NTSB

Administrator Guzman made the loans available in response to a letter from Maryland Gov. Wes Moore on Friday. Moore requested for a disaster declaration by the SBA. The declaration covers the entire state of Maryland as well as, Adams, Bedford, Chester, Fayette, Franklin, Fulton, Lancaster, Somerset and York Counties.

The declaration applies to small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit businesses. Applicants in those areas can apply for the EIDL of up to $2 million to help with the loss of revenue from the bridge collapse.

These loans can assist in paying for normal business expenses such as debts, payroll, and other bills that can’t be paid due to the collapse.

ÔÇ£The bridge collapse will impact small businesses who depend on the transportation and movement of goods from the Baltimore Harbor and along the Francis Scott Key Bridge for their economic livelihood,ÔÇØ said Francisco S├ínchez, Jr., Associate Administrator for the SBAÔÇÖs Office of Disaster Recovery and Resilience. ÔÇ£As part of the Biden-Harris AdministrationÔÇÖs commitment to aiding communities in times of crisis and making sure small businesses receive vital assistance, the SBA is supporting the State of Maryland and surrounding communities by providing financial relief to businesses affected by this incident.ÔÇØ

Applicants may apply online and receive additional assistance information. Applicants may also call SBAÔÇÖs Customer Service Center at 800-659-2955.

How AI legalese decoder Can Help with the Situation

AI legalese decoder can assist small businesses impacted by the Francis Scott Key Bridge collapse in navigating the complex legal language surrounding the disaster relief loans offered by the Small Business Administration. By using AI legalese decoder, businesses can easily understand the eligibility criteria, application process, and terms of the Economic Injury Disaster Loans (EIDL).

The AI tool can break down the legal jargon and provide clear explanations of the requirements for obtaining financial assistance, ensuring that small businesses do not miss out on vital support during this challenging time. Additionally, AI legalese decoder can offer real-time updates and guidance on any changes to the loan program, helping businesses stay informed and prepared throughout the recovery process.

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