For Small Business Owners affected by Hurricane Sandy, it may feel as though there is no end in sight in regards to the repairs that are needed to get their businesses up and running again.  For most federal and state programs, Small Business Owners usually have 60 days after a natural disaster hits to apply for low-interest loans for repairs, to purchase merchandise and pay for other work necessary to reopen.  Recently, the top Federal Emergency Management Agency official in New York State stated that FEMA was considering extending the deadline for small businesses to apply for disaster loans related to Superstorm Sandy.  The interest rates on these loans can start as low as 1.688 percent per year and the term varies, but can be as long as 30 years. 

Below is a list of resources that you can forward to your Small Business Owner clients to help in their recovery…

Loans

• U.S. Small Business Administration, 631-454-0750 or www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/disaster-loans
• NYS Fund, 1-855-697-SANDY or www.esd.ny.gov/StormRecovery.asp

Counseling

• NYS Small Business Development Centers, 1-800-732-7232 or www.nyssbdc.org/

Sales tax exemption for repairs

The IRS is providing help to victims of Hurricane Sandy.  Special tax relief and assistance is available to tax payers in the Presidential Disaster Areas listed below.

• Connecticut: Fairfield, Middlesex, New Haven, and New London Counties and the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation located within New London County;
• New Jersey: Atlantic, Bergen, Burlington, Camden, Cape May, Cumberland, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Salem, Somerset, Sussex, Union and Warren;
• New York: Bronx, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Sullivan, Suffolk, Ulster and Westchester;
• Rhode Island: Newport and Washington counties.

Loss income

• U.S. Department of Labor, http://workforcesecurity.doleta.gov/unemploy/disaster.asp

Resources: Newsday.com; FEMA.org; IRS.Gov

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