The Small Business Association announced Saturday that mid-Atlantic small businesses affected by the Francis Scott Key Bridge collapse in Baltimore can apply for disaster loans now until Dec. 30, 2024.

"As Baltimore and the wider community mourn and start to rebuild, the SBA and the Biden-Harris Administration stand ready to help local small businesses get through the economic disruption caused by the bridge collapse," SBA Administrator Isabel Casillas Guzman said in a statement. Maryland Gov. Wes Moore requested a disaster declaration from the SBA on Friday, which were then issued according to agency documents.

What You Need To Know

  • The Small Business Association will make disaster loans available for mid-Atlantic small businesses economically harmed by the Francis Scott Key Bridge collapse

  • Loans will be available for small businesses and non-profits in the declared disaster area, which covers all of Maryland, as well as portions of Delaware, Pennsylvania, Virginia and West Virginia

  • Ship traffic into and out of the port has been halted, and it's unclear when shipping will restart

  • Wreckage removal began Saturday, as demolition crews began cutting portions of the bridge into smaller sections for easier removal

Eligibility for the low-interest, long-term Economic Injury Disaster Loans will be based on financial impact from the disaster, not necessarily actual damage to a business.

The loans will be available for small businesses and non-profits in the declared disaster area — which covers the entire state of Maryland; as well as communities and counties in the District of Columbia, Delaware, Pennsylvania, Virginia and West Virginia — who can apply for loans up to $2 million to cover revenue lost from the bridge collapse.

“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.

The ship traffic into and out of the Port of Baltimore has been halted, though trucks in the port are still being processed. It’s unclear when the port will reopen. "There is a lot of speculation as to when the channel will be reopened. The fact of the matter is we do not know," the Port of Baltimore said in a statement.

The port is a major hub for shipping on the east coast, and cargo ships use the Patapsco River — the river spanned by the Key Bridge — to travel to the Atlantic Ocean. Workers will feel the hurt from the closure though. The Associated Press reported that 2,400 members of the International Longshoremen's Association Local 333 will lose work until the port reopens, not to mention every other business that depends on the port.

“If they get that open in 30 days, we’re going to have 60 to 90 days loss of business. And for them to do it in 30 days is pretty quick,” Charm City Warehouse owner Bernard Sommer, whose Baltimore-based business serves shipping companies needing to store cargo containers, told AP. “Until this channel is open and shipping, they’re not going to show any service into the port of Baltimore.”

Bridge wreckage removal began Saturday. Demolition crews began work to cut portions of the bridge into smaller sections for safer removal by crane, while divers performed underwater assessments of the area, according to a Key Bridge Response Command release.