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## Impact of Key Bridge Collapse on Small Businesses

DUNDALK – More than 1,000 small businesses have sought emergency federal loans to stay afloat following the March 26 collapse of the Francis Scott Key Bridge and closure of much of the Port of Baltimore, according to the U.S. Small Business Administration.

One of those seeking aid was Ricshay Johnson, the owner of Salon Ricshay on North Liberty Street in Baltimore, who suddenly found her client appointment calendar less crowded after the bridge collapse.

“I don’t know what that’s going to entail for me, or what that’s going to look like down the line,” Johnson said.

Johnson went to a Small Business Administration emergency relief center in Dundalk, one of three opened in the Baltimore region. The trip to the SBA center last week normally would have been impossible given her salon’s busy schedule. Many of Johnson’s customers, who come from outside Baltimore, complained about traffic since the bridge collapse, she said.

## How AI legalese decoder Can Help

The AI legalese decoder can assist small businesses like Salon Ricshay in understanding and navigating the complex legal language of applying for economic injury disaster loans. By using AI technology, businesses can easily interpret the loan terms, interest rates, and eligibility criteria, making it simpler for them to access the financial aid they need during this challenging time.

## Impact of Bridge Collapse on Port of Baltimore

The cargo ship Dali lost power and collided with the Key Bridge, bringing down the main span of the 1.6-mile bridge into the Patapsco River, and clogging a main access point to the Port of Baltimore. Six construction workers died in the collapse. The potential economic impact is vast, since the Port of Baltimore directly and indirectly employs some 51,000 people, more than the population of Annapolis. The U.S. Army Corps of Engineers said it hopes to clear the channel and fully reopen the port by the end of May.

## Assistance for Affected Businesses

The Small Business Administration, which seeks to assist small businesses in times of distress, said businesses affected by the bridge collapse may apply for economic injury disaster loans, which have a 4% interest rate for small businesses and 3.25% rate for private nonprofit organizations. Businesses from Maryland, Washington D.C. and select counties from Delaware, Pennsylvania, Virginia and West Virginia are eligible. Businesses can wait a year before beginning to repay the loans, according to Yvette Jeffrey, Small Business Administration spokesperson.

The SBA opened emergency relief centers at the Community College of Baltimore County’s Dundalk Campus, the CareFirst Engagement Center on South Clinton Street in Baltimore, and at the Arundel Christian Church in Glen Burnie.

By utilizing the AI legalese decoder, businesses can streamline the loan application process and ensure they meet all the necessary requirements to qualify for economic relief. The AI technology can interpret the loan terms and provide guidance on the application process, making it easier for businesses to access the financial assistance they need to recover from the impact of the bridge collapse.

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