Accomack County included in SBA economic assistance to Mid-Atlantic small businesses affected by the Francis Scott Key Bridge Collapse

Accomack County has been included in a SBA program featuring assistance to businesses affected by the Francis Scott Key Bridge Collapse in Baltimore.

According to a news release from the SBA,  Administrator Isabel Casillas Guzman announced that Mid-Atlantic small businesses affected by the Francis Scott Key Bridge collapse on March 26, 2024 may apply for low-interest, long-term Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration (SBA). 

“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 Administration stand ready to help local small businesses get through the economic disruption caused by the bridge collapse.”

Administrator Guzman made the loans available in response to a letter from Maryland Governor Wes Moore on March 29, 2024, requesting a disaster declaration by the SBA. The declaration covers the entire state of Maryland, The District of Columbia;  Delaware; Several Counties in Pennsylvania; Accomack, Independent City of Alexandria, Arlington, Fairfax, and Loudoun in Virginia; and seven counties in  in West Virginia.

The declaration applies to small businesses, small agricultural cooperatives, small aquaculture businesses, and private nonprofit organizations. Applicants in the declared area can now apply for a federal Economic Injury Disaster Loan (EIDL) of 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 the 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.

Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

“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.