{"id":2213401,"date":"2024-04-04T20:16:02","date_gmt":"2024-04-05T00:16:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/marylands-rainy-day-fund-used-for-small-businesses-hit-by-baltimore-bridge-collapse\/"},"modified":"2024-04-04T20:16:28","modified_gmt":"2024-04-05T00:16:28","slug":"marylands-rainy-day-fund-used-for-small-businesses-hit-by-baltimore-bridge-collapse","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/marylands-rainy-day-fund-used-for-small-businesses-hit-by-baltimore-bridge-collapse\/","title":{"rendered":"Maryland&#8217;s emergency fund supports small businesses affected by Baltimore bridge collapse"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmarylands-rainy-day-fund-used-for-small-businesses-hit-by-baltimore-bridge-collapse%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2213401&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Small Business Administration received 500 loan applications following \u200cthe collapse of Baltimore&#8217;s Francis \u200bScott Key Bridge. Funds may be allotted\u200c in two weeks to aid small businesses impacted by the bridge closure. Baltimore, home to \u206350,000 small businesses employing 500,000 \u2064individuals, faces disruptions in supply chain and transportation businesses linked to the \u200cport&#8217;s activities. The SBA has a history of providing loans during crises,\u200d such as \u200bHurricane Katrina in 2005. Additionally, the \u200cMaryland Senate approved a bill to use \u200cthe state&#8217;s\u200b emergency funds for support.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>The Small Business Administration said it <a href=\"https:\/\/apnews.com\/article\/baltimore-bridge-collapse-04-04-2024-56b4fb2b5b6bb7ce97511bb3ed298067\" target=\"_blank\" rel=\"noopener\" title>received<\/a> 500 loan applications after Baltimore\u2019s Francis Scott Key Bridge collapsed last week.<\/p>\n<p>The funds could be distributed in two weeks to support small businesses that are out of operation as the Port of Baltimore remains closed. Baltimore is <a href=\"https:\/\/www.forbes.com\/sites\/zacharyfolk\/2024\/04\/04\/over-500-small-businesses-apply-for-federal-disaster-loans-as-baltimore-bridge-collapse-risks-local-economy-heres-what-to-know\/?sh=11a459e2610f\" target=\"_blank\" rel=\"noopener\" title>home to<\/a> about 50,000 small businesses, employing 500,000 people. <\/p>\n<p>\u201cThe immediate impact [of the bridge collapse] has really been felt by those supply chain, logistics and transportation companies that really focus their businesses on the port and the activity that was happening at the port,\u201d Isabel Casillas Guzman, SBA administrator, told <em>Forbes<\/em>. <\/p>\n<p>The SBA has distributed similar loans in times of unexpected disastrous situations. In 2005, 140,000 loans were given to small businesses affected by Hurricane Katrina. The federal government forgave 95% of those loans.<\/p>\n<p>The Maryland Senate also unanimously approved a bill Wednesday to authorize Gov. Wes Moore (D-MD) to use the state\u2019s \u201crainy day\u201d funds to assist employees who are now unemployed due to the port closure. <\/p>\n<p>The bill now heads to the Maryland House, where it could be voted on as early as this week. The legislative session in Maryland ends Monday. <\/p>\n<p>\u201cWe have uncertainty about when the channel will open, we don\u2019t want to lose business, permanently,\u201d <a href=\"https:\/\/www.wmar2news.com\/local\/emergency-bill-would-pay-workers-during-port-of-baltimore-crisis\" target=\"_blank\" rel=\"noopener\" title>said<\/a> state Senate President Bill Ferguson, who represents the affected area.<\/p>\n<p>The bill would also allow Moore to help small businesses avoid layoffs due to the closure and bring businesses that moved because of the closure back when it reopens. <\/p>\n<p>Moore said more than 15,000 jobs were located at the Port of Baltimore and an additional 140,000 indirectly rely on the port.<\/p>\n<p>A time frame for the bridge to be rebuilt is not certain. Secretary of Transportation Pete Buttigieg said the bridge\u2019s original construction time \u201cdoes not mean it will take five years to replace\u201d but said it was \u201ctoo soon to be certain\u201d how long it will take to reopen the Port of Baltimore or build a replacement bridge. <\/p>\n<p>On Thursday evening, the U.S. Army Corps of Engineers said it \u201cexpects to open a limited access channel 280 feet wide and 35 feet deep, to the Port of Baltimore within the next four weeks \u2013 by the end of April.\u201d<\/p>\n<p><a href=\"http:\/\/washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title><strong>CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/strong><\/a><\/p>\n<p><a href=\"https:\/\/highways.dot.gov\/newsroom\/biden-harris-administration-announces-60-million-emergency-work-wake-collapse-francis\" target=\"_blank\" rel=\"noopener\" title>Funds<\/a> worth $60 million for \u201cquick release\u201d from the emergency relief for the Maryland Department of Transportation became immediately available to rebuild the bridge. <\/p>\n<p>President Joe Biden is expected to visit Baltimore on Friday.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Small Business Administration received 500 loan applications post the collapse of Baltimore&#8217;s Francis Scott Key Bridge last week. Funds might be available in two weeks to aid affected small businesses with the Port of Baltimore shut. Baltimore houses around 50,000 small businesses, providing jobs for 500,000 individuals. &#8220;The<\/p>\n","protected":false},"author":2910,"featured_media":2213402,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/Biz.Cover_-1024x591.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2213401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/Biz.Cover_-1024x591.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2213401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2910"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2213401"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2213401\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2213402"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2213401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2213401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2213401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}