Federal loans are now available through the Small Business Administration for small businesses in the mid-Atlantic affected by the closure of the port of Baltimore, due to the collapse of the Francis Scott Key Bridge.
For all the latest developments in Congress, follow WTOP Capitol Hill correspondent Mitchell Miller at Today on the Hill.
Federal loans are now available through the Small Business Administration for small businesses in the mid-Atlantic affected by the closure of the port of Baltimore, due to the collapse of the Francis Scott Key Bridge.
The SBA opened a Business Recovery Center in Dundalk on Monday.
Maryland Gov. Wes Moore had requested a disaster declaration by the SBA, which has been granted.
The declaration covers all of Maryland and extends to D.C. It also covers parts of Virginia, including Arlington, Fairfax and Loudoun counties and Alexandria.
It also includes counties in Delaware, Pennsylvania and West Virginia.
“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,” said SBA Administrator Isabel Casillas Guzman in a statement.
Small businesses can apply for a federal Economic Injury Disaster Loan, which can be up to $2 million.
The loan can be used for a wide range of operating expenses, such as payroll, if they can’t be paid because of issues involving the port of Baltimore.
In addition to getting help with loan applications in-person in Dundalk, businesses can apply online.
U.S. Sen. Ben Cardin, D-Md., a member of the Senate Small Business Administration Committee, said it is important that businesses have financial help available if they need it.
“We’re working with Gov. Moore and his office and the SBA administrator, to make sure that those small businesses and independent contractors have the full services of the Small Business Administration to deal with their cash needs,” Cardin said. “We want to make sure these businesses move forward.”
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