What To Do If Your Business Was Destroyed From Hurricane Sandy…

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Thousands of businesses have been and will be destroyed over the course of this record breaking hurricane known as nasty sandy.

While your business being destroyed hardly makes you lucky, there are government assistance programs available for your to take advantage of if needed.

The first thing to do is call your local chamber of commerce and check out sba.gov and use their tool to business disaster relief programs.

Here are a few you can look into if you need the funds… from the SBA.gov website.

https://www.sba.gov/content/business-physical-disaster-loans

Physical Disaster Loan Eligibility

Any business or private, nonprofit organization that is located in a declared disaster area and has incurred damage during the disaster may apply for a loan to help replace damaged property or restore it to the condition it was in before the disaster. If your business or private, nonprofit organization – large or small – has suffered physical damage as a result of a disaster, you may be eligible for financial assistance from the U.S. Small Business Administration. SBA makes physical disaster loans of up to $2 million to qualified businesses or private, nonprofit organizations.

An additional Program is… https://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/disaster-loans

Disaster Loans

SBA provides low interest disaster loans to homeowners, renters, businesses of all sizes and private, nonprofit organizations to repair or replace real estate, personal property, machinery & equipment, inventory and business assets that have been damaged or destroyed in a declared disaster.

SBA now offers you the option of filing your home and business disaster loan applications through the Electronic Loan Application (ELA).

  • Disaster Center Offices

    SBA has disaster offices located strategically around the country. Learn more about and/or contact these offices.

  • Types of Disaster Loans

    Through its Office of Disaster Assistance (ODA), SBA provides low-interest, long-term loans for physical and economic damage caused by a declared disaster. SBA offers home and personal property loans, business physical disaster loans, and …

  • Disaster Loan Fact Sheets

    Key Points about Disaster Loans

  • SBA now offers you the option of filing your home and business disaster loan applications through the Electronic Loan Application (ELA). You also have the option of submitting your application via mail. You may also …
  • SBA provides low interest disaster loans to homeowners, renters, businesses of all sizes and private, nonprofit organizations to repair or replace real estate, personal property, machinery & equipment, inventory and business …
  • The SBA has specific guidelines regarding how the proceeds of such loans may be used. Disaster loans are designed to help you and your business weather an event which has caused either or both of the following: physical damage to …
  • For more information regarding Disaster Loan Program policies and procedures, please see the links below. SBA Disaster Recovery Plan  Code of Federal Regulations – Disaster Loan Program SOP 50 30 (7) …
  • There are several ways you can make a payment on your disaster loan – by phone, by mail, and online. Payment by Phone To make a payment, contact the SBA Customer Service Center toll-free at 1-800-490-2498 or 1-800-659-2955 …
  • If you are interested in seeking temporary full-time employment, please consider joining the SBA Disaster Program. Temporary Full-Time Employment The U. S. Small Business Administration (SBA) is the Federal Government’s …https://davidmelamed.com/wp-admin/post-new.php
  • Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of any size that were affected by the 2012 Drought season,  may qualify for Economic …
  • The links below point to websites created and maintained by other organizations that may be of interest to you. SBA does not necessarily endorse the views expressed on these sites, and does not guarantee the accuracy or …
  • The following links serve as resources to print, broadcast and electronic media seeking information about SBA’s disaster assistance program. For more specific questions, contact one of the SBA Communications Departments …

Additionally, there are other programs like…

https://www.sba.gov/content/economic-injury-disaster-loans

Economic Injury Disaster Loans

If your small business, small agricultural cooperative, small business engaged in aquaculture, or private, nonprofit organization has suffered economic injury, regardless of physical damage, and is located in a declared disaster area, you may be eligible for financial assistance from the U.S. Small Business Administration.

What is an Economic Injury Disaster Loan?

If your business is located in a declared disaster area and has suffered economic injury because of the disaster (regardless of physical damage), you may be eligible for an Economic Injury Disaster Loan (EIDL). Substantial economic injury is the inability of a business to meet its obligations as they mature and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster.

Economic Injury Disaster Loan Eligibility

Those eligible for these loans are small businesses, small agricultural cooperatives, small businesses engaged in aquacutlure, and most private nonprofit organizations of all sizes that have suffered substantial economic injury resulting from a physical disaster or an agricultural production disaster (as designated by the Secretary of Agriculture).

EIDL assistance is available only to small businesses determined unable to obtain credit elsewhere. The SBA can provide up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. Your loan amount will be based on your actual economic injury and your company’s financial needs, regardless of whether the business suffered any property damage.

Proper Use of Economic Injury Disaster Loan Proceeds

An EIDL can help you meet the normal financial obligations that your business or private nonprofit organization could have met had the disaster not occurred. It permits you to maintain a reasonable working capital position during the period affected by the disaster.

Interest Rates on Economic Injury Disaster Loans

The interest rate on EIDLs cannot exceed 4 percent per year. The term of these loans cannot exceed 30 years. Your term will be determined by your ability to repay the loan.

Application Information

Businesses may apply directly to the SBA for possible assistance. The SBA will send an inspector to estimate the cost of your damage once you have completed and returned your loan application.

SBA now offers you the option of filing your business disaster loan application electronically. Downloadable application forms are available at: Apply for Assistance.

For additional information, please contact our Customer Service Center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

Good Luck.

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