The U.S. Small Business Administration sets up program for companies in PA affected by bridge collapse

Isabel Casillas Guzman, Administrator for the U.S. SBA, announced a new fund this past weekend. Businesses in the Mid-Atlantic region who have been impacted by the bridge collapse in Maryland may apply for low-interest/long-term Economic Injury Disaster Loans (EIDL) of up to $2 million.

These loans have a 4% interest rate for small business with 3.25% for private nonprofits. Terms can be extended up to 30 years for normal operating expenses (fixed debts, payroll, accounts payable). Repayment begins a year after the first disbursement along with interest starting to accrue.

According to a press release from March 30, the loans are “restricted to small businesses without the financial ability to offset the adverse impact without hardship.” This fund will cover organizations in Pennsylvania, Maryland, Delaware, Virginia, West Virginia, and the District of Columbia.

Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster. They can also be contacted at the Administration’s Customer Service Center at (800) 659-2955 or disastercustomerservice@sba.gov.