Disaster Recovery Information for Businesses
June 30, 2008
REGISTER WITH FEMA
The first thing your business should do to begin the assistance process is register with FEMA. All businesses (whether incurring physical damage or just in need of working capital to relieve economic injury) should register with FEMA as there is a limited window of time to do so (DEADLINE IS JULY 28th) and it is free to register. Apply by phone at (800) 621-FEMA (1-800-621-3362) or on-line at www.fema.gov or at the SBA Business Recovery Center. The Business Recovery Center in Cedar Rapids is open Monday through Saturday, 9 a.m. to 6 p.m., in the lower level of Westdale Mall (2600 Edgewood Rd. SW in Cedar Rapids) - across from Bath and Body Works. Registering in person helps expedite the process.
U.S. SMALL BUSINESS ADMINISTRATION (SBA) DISASTER LOANS
If your company was affected in some way by the floods, either Business Physical Disaster Loans or Economic Injury Disaster Loans may be available to you via the SBA. These are low-interest rate loans (4 to 8%, depending on your ability to secure credit elsewhere). (Again, start by registering with FEMA and they will direct you accordingly.) The sooner you return the completed loan application, the sooner the SBA can process it. The SBA tries to make a decision on each application within 21 days. Make sure your application is complete. Missing information is a major cause of delays. For answers to your SBA questions, visit www.sba.gov or contact the SBA Answer Desk at (800) U-ASK-SBA (800-827-5722). You can also e-mail answerdesk@sba.gov. The contacts at the local SBA Office, which is located at 2750 First Ave. NE in Cedar Rapids, are Dennis Larkin and Alex Contreras. They can be reached at (319) 362-6405.
Also, to view an online tutorial for business owners affected by the flood, visit: http://training.sba.gov:8000/response
IRS HELP
Your unreimbursed loss from a casualty may be deductible on your tax return for the year the casualty occurred. If the loss happened in an area the President designated a disaster area, you may not have to wait until the end of the year to file a tax return and claim the loss. You may be able to file an amended return for the year before the disaster, right now, and get a refund of taxes you have already paid. IRS assistance hotline 1-866-562-5227 or visit their website at www.irs.gov
