Hurricane Ida has created challenging conditions for many businesses throughout the State. Federal government assistance could play a vital role in your recovery plan. Chehardy Sherman Williams attorney Adam Stumpf (as@chehardy.com) reminds you that businesses should look to the U.S. Small Business Administration (the “SBA”), not only FEMA, for disaster assistance options.
As a result of Hurricane Ida, businesses throughout the State of Louisiana are in dire need of financial assistance. FEMA is not the only agency that should be looked to for this assistance. The SBA offers disaster assistance in the form of low interest loans to businesses and nonprofit organizations located in regions affected by declared disasters. The SBA also provides eligible small businesses and nonprofit organizations with working capital to help overcome the economic injury of a declared disaster.
Currently, businesses and individuals located in the following Parishes are eligible to apply for assistance: Ascension, Assumption, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, St. Martin, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Washington, West Baton Rouge, and West Feliciana.
The application process can be begun here. The SBA is requiring applicants to create an account via login.gov. Once an account has been created and a few general questions are answered, the SBA will provide the applicant with a specific loan application depending on whether it is a sole proprietor, corporation, limited liability company, nonprofit, etc. Information related to income, revenues, and insurances will need to be provided.
If you are currently in need, or anticipate being in need, you are encouraged to create an account and apply now.
Please do not hesitate to contact Adam M. Stumpf at as@chehardy.com if you have any questions.