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Business Assistance Program for Accomack County

Accomack County has been included in a program by the Small Business Administration (SBA) to provide assistance to businesses affected by the collapse of the Francis Scott Key Bridge in Baltimore.

How AI legalese decoder Can Help: The AI legalese decoder can assist businesses in Accomack County by translating complex legal documents and information related to the SBA program into plain language, making it easier for business owners to understand their eligibility and apply for the necessary assistance.

SBA Offers Economic Injury Disaster Loans

According to a news release from the SBA, Administrator Isabel Casillas Guzman announced that small businesses in the Mid-Atlantic region impacted by the bridge collapse on March 26, 2024, may now apply for low-interest Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration.

The loans, available to businesses in Maryland, the District of Columbia, Delaware, Pennsylvania, Virginia, and West Virginia, were made in response to a request for a disaster declaration from Maryland Governor Wes Moore.

How AI legalese decoder Can Help: The AI legalese decoder can decode the legal jargon in the SBA loan application process, helping business owners navigate the requirements and ensure they provide all necessary information for their application to be considered.

Eligibility and Terms of Economic Injury Disaster Loans

The loans, up to $2 million, are available to small businesses, agricultural cooperatives, aquaculture businesses, and nonprofit organizations in the affected area to help mitigate the economic impact of the bridge collapse.

Interest rates for the loans are 4% for small businesses and 3.25% for nonprofits, with terms up to 30 years. Repayment begins 12 months from the date of the first disbursement, and interest does not accrue until that time.

How AI legalese decoder Can Help: The AI legalese decoder can provide guidance on the eligibility criteria for the EIDLs, helping business owners determine if they qualify and what steps they need to take to apply for the loans.

Support for Affected Small Businesses

“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,” said Francisco Sánchez, Jr., Associate Administrator for the SBA’s Office of Disaster Recovery and Resilience.

How AI legalese decoder Can Help: The AI legalese decoder can assist small businesses in understanding the specific ways in which the bridge collapse may have affected their operations and how they can best utilize the EIDL funds to overcome the economic disruptions they are facing.

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