Key Bridge Response

SBA Offers Economic Assistance to Businesses Affected by Key Bridge Collapse

Apr 1, 2024

Small businesses in Maryland, Washington, D.C., as well as select counties in Delaware, Pennsylvania, Virginia and West Virginia are now eligible to apply for low-interest, long-term Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration (SBA) in response to the recent Francis Scott Key Bridge collapse on March 26, 2024.

SBA Administrator Isabel Casillas Guzman recently announced the availability of these loans to assist small businesses impacted by the tragic collapse. "The SBA joins the entire federal family in grieving for the lives lost in the tragic collapse of the Francis Scott Key Bridge," said Administrator Guzman. "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."

Eligible Areas and Businesses

The declaration covers the entire state of Maryland and contiguous counties, including the District of Columbia, as well as select counties in Delaware, Pennsylvania, Virginia and West Virginia. Eligible applicants include small businesses, small agricultural cooperatives, small aquaculture businesses, as well as private nonprofit organizations in the declared area.

Economic Injury Disaster Loans

Economic Injury Disaster Loans (EIDLs) of up to $2 million are available to help businesses overcome any temporary loss of revenue stemming from the bridge collapse. These loans may be used to pay normal operating expenses such as fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disruption.

Interest rates for these loans are 4% for small businesses and 3.25% for private nonprofit organizations, with terms up to 30 years. Interest does not begin to accrue until 12 months from the date of the first loan disbursement, and repayment begins 12 months from the date of the first disbursement.

The filing deadline to return economic injury applications is December 30, 2024.

SBA Business Recovery Centers Open in Dundalk and Baltimore

To assist business owners in completing their disaster loan applications, the SBA's Business Recovery Centers will be open for business beginning Monday, April 1. Representatives will be available to accept documents for existing applications, provide status updates on loan applications and offer assistance as needed. The centers will operate Monday through Friday from 8:00 a.m.-6:00 p.m., and Saturday from 10:00 a.m.-2:00 p.m. The centers are located at:

Community College of Baltimore County (CCBC) Dundalk Campus, 7200 Sollers Point Road, Baltimore, MD 21222
CareFirst Engagement Center, 1501 South Clinton Street, Baltimore, MD 21224
Arundel Christian Church, 710 Aquahart Road, Glen Burnie, MD 21061

For more information on SBA disaster assistance or to apply for a loan, visit sba.gov/disaster or contact the SBA's Customer Service Center at (800) 659-2955. Deaf or hard of hearing individuals can dial 7-1-1 to access telecommunications relay services.