The Small Business Administration (“SBA”) recently announced relief for private nonprofits and small businesses impacted by the tragic accident involving the collapse of the Francis Scott Key bridge on March 26, 2024. All such businesses impacted by the bridge collapse are eligible for an Economic Injury Disaster Loan (“EIDL”).
The EIDL provides for a loan of up to two million dollars ($2,000,000.00) at low interest rates up to a maximum of 4% per annum and a repayment term of up to 30 years. Applications for disaster loans may be submitted online using the MySBA Loan Portal at https://lending.sba.gov or other locally announced locations. The terms and conditions of the EIDL can be found at the attached fact sheet issued by the SBA.
It is advisable that you consult with counsel before applying for this loan.
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