The collapse of the Francis Scott Key Bridge has prompted the Small Business Administration (SBA) to offer financial and advisory support for impacted businesses. Various forms of loans and guidance services have been provided to alleviate the cost burden and assist in recovery planning. The proactive involvement of the SBA has critically promoted the fast recovery and continuity of affected businesses.
The SBA has introduced low-interest, long-term Economic Injury Disaster Loans (EIDL) to overcome the financial impact of the disaster. This aid measure, along with business counseling services, reflects the government’s investment in the recovery.
Maryland Governor Wes Moore has extended the aid coverage to all of Maryland and several Pennsylvania counties.
SBA’s disaster support post Key Bridge collapse
Designed to address issues with housing, employment, and income, the initiative also supports job training and temporary financial assistance for those impacted by economic downturns or personal crises.
Eligible entities including small businesses, agricultural and aquaculture cooperatives, and private nonprofits in the specified counties can apply for an EIDL of up to $2 million. This aid aims to combat operational difficulties arising from the disaster.
Francisco Sánchez, Jr., Associate Administrator for the SBA’s Office of Disaster Recovery and Resilience, emphasized the importance of preparedness and contingency planning for such unforeseen circumstances. Sánchez pledged the SBA’s ongoing support, noting that a lack of preparedness and contingency planning could have significant consequences for some businesses.
The SBA’s Customer Service Center is on hand for further support, as the agency continues to provide financial assistance and recovery initiatives. They continue to establish partnerships with local businesses and community organizations to enhance aid and support distribution. While the road to recovery may be long, the SBA’s assistance and coordinated efforts offer hope in managing the journey.
