U.S. Small Business Administration Provides $3.4 Million in Loans to Businesses Impacted by Key Bridge Collapse
The collapse of the Francis Scott Key Bridge in Baltimore has left many small business owners struggling to stay afloat. Since the disaster on March 26, the U.S. Small Business Administration (SBA) has stepped in to provide much-needed assistance. So far, the agency has distributed $3.4 million in loans to affected entrepreneurs.
To further support those impacted by the bridge collapse, the SBA set up business recovery centers in the Baltimore region shortly after the incident. These centers have been instrumental in helping business owners apply for disaster loans. The deadline for applying for long-term loans of up to $2 million at 4% interest has been extended to December 30, 2024.
Despite the efforts of the SBA, some business owners like Frederick Mensah, an independent truck driver, feel they are slipping through the cracks. As a 1099 worker, Mensah is ineligible for unemployment benefits and is struggling to make ends meet. He expressed concerns about taking on a loan, even with a low-interest rate, as it would add to his financial burden.
Recognizing the gaps in assistance, federal, state, and city leaders are working together to address the needs of individuals like Mensah. Governor Wes Moore announced a new $15 million state program aimed at supporting workers who have lost income due to the bridge collapse. The Port of Baltimore Worker Support Program will provide $430 weekly to eligible solopreneurs, including independent contractors, sole proprietors, and employees of Port businesses.
Governor Moore emphasized the importance of helping as many people as possible during this challenging time. Eligible workers can apply for assistance through the Maryland Department of Labor’s website. With ongoing efforts to provide support and resources, officials are committed to helping small business owners recover and rebuild in the aftermath of the Key Bridge collapse.
