Federal loans at the moment are accessible by means of the Small Business Administration for small companies within the mid-Atlantic affected by the closure of the port of Baltimore, because of the collapse of the Francis Scott Key Bridge.

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Federal loans at the moment are accessible by means of the Small Business Administration for small companies within the mid-Atlantic affected by the closure of the port of Baltimore, because of 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 catastrophe declaration by the SBA, which has been granted.

The declaration covers all of Maryland and extends to D.C. It additionally covers components of Virginia, together with Arlington, Fairfax and Loudoun counties and Alexandria.

It additionally consists of counties in Delaware, Pennsylvania and West Virginia.

“As Baltimore and the broader neighborhood mourn and begin to rebuild, the SBA and the Biden-Harris Administration stand prepared to assist native small companies get by means of the financial disruption attributable to the bridge collapse,” mentioned SBA Administrator Isabel Casillas Guzman in an announcement.

Small companies can apply for a federal Economic Injury Disaster Loan, which may be as much as $2 million.

The mortgage can be utilized for a variety of working bills, resembling payroll, if they will’t be paid due to points involving the port of Baltimore.

In addition to getting assist with mortgage purposes in-person in Dundalk, companies can apply online.

U.S. Sen. Ben Cardin, D-Md., a member of the Senate Small Business Administration Committee, mentioned it is vital that companies have monetary assist accessible in the event that they want it.

“We’re working with Gov. Moore and his workplace and the SBA administrator, to guarantee that these small companies and impartial contractors have the total companies of the Small Business Administration to take care of their money wants,” Cardin mentioned. “We need to be sure these companies transfer ahead.”

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