Businesses in the District affected by the Francis Scott Key Bridge collapse that occurred on March 26 are eligible to apply for low-interest, long-term Economic Injury Disaster Loans from the U.S. Small Business Administration (SBA) according to its Administrator Isabella Casillas Guzman.
The declaration applies to small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations. Applicants can apply for up to $2 million to help 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 can’t be paid because of disruption.
Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4% for small businesses and 3.25% for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.
To apply online and receive additional disaster assistance information at sba.gov/disaster. Call SBA’s Customer Service Center at 800-659-2955, or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Dial 7-1-1 to access telecommunications relay services.