The collapse, which occurred on March 26, 2024, has had a far-reaching impact on commerce and transport across the region, necessitating these federal measures. Eligible areas extend beyond Maryland and include certain counties in Delaware, the District of Columbia, Pennsylvania, Virginia, and West Virginia.
The SBA is offering up to $2 million in loans to businesses and non-profit organizations. Interest rates for businesses and small agricultural cooperatives are set at 4.000% and 3.250% for non-profit organizations. The loan terms may extend up to 30 years, depending on the borrower’s financial condition. Applications are open until December 30, 2024.