Summary of Resources for Small Businesses Adversely Impacted by Superstorm Sandy
FEMA/SBA loans:
Long Island & NYC were declared disaster areas by the President. This makes our businesses eligible for FEMA assistance and SBA Disaster Loans. If your business was adversely affected and you think you will have uninsured losses- first step: register for a FEMA registration ID number by calling 1 800 621 3362. Second step: apply- online at https://disasterloan.sba.gov/ela or https://www.disasterassistance.gov then click on “apply for assistance”, or ask for a written application. For applications or on line access, go to www.sba.gov/disaster. Apply whether you think you’re eligible or not as a denial may qualify you for certain FEMA aid. Max $2 million for physical property/economic injury, repair/replace real estate, equipment, inventory, fixtures or working capital needed; 4-8%; up to 30 years. For uninsured or underinsured losses.
For help call 1800 659 2955 (SBA’s disaster customer service number) or you can go to a FEMA disaster recovery center. To find the nearest one go to www.fema.gov/disaster-recovery-centers and click on “search for a disaster recovery center.” Or, you can get help with your applications from the Small Business Development Centers- on LI- www.farmingdale.nyssbdc.org (631 420 2765); www.stonybrook.edu/sbdc. (631 632 9070); for closest SBDC in NYC go to www.nyssbdc.org and click on “find your local center.” Note: You must have registered with FEMA prior to 4/30/2013 to be eligible. FEMA is no long available in New York as of 4/30/2013.
Local Loan Programs:
NYS Emergency Small Business Loan Program-expedited loans up to $25,000, no interest/payments first 6 months, then 1% 2 years; less than 100 employees; sustained damage from Hurricane Sandy. Call 855-NYS-SANDY or see www.esd.ny.gov. Joint effort of NYS & NYS Bankers Association administered by NYBDC. If business located in NYC-apply through NYC loan fund- see below.
NYC Businesses:
Emergency Loan Fund –expedited loans of $5,000-$25,000 to replace or repair damaged assets or for working capital, etc. No payments for first 6 months, then 1% for 24 months. Funded by NYC/Goldman Sachs, administered by NYBDC. Submit application through NYC Business Solutions- www.nyc.gov/nycbusiness. This site also has a list of NYC Business Solutions Centers in your area. If your business is located in NYC – apply through NYC loan fund – see below.
LI Businesses:
Bridge Loan Program- up to 50% advance (max $1 million) against assignable insurance claim. Must have acknowledgement of claim and assignability from insurance company & subordination agreements from existing lenders. 2% for each 30 days outstanding. 1% fee (20% of fee goes to charity). Contact Asset Enhancement Solutions- info@assetenhancement.com or call 516 767 0100. You can also access a list of special loan programs instituted by local banks at http://www.assetenhancement.com/disaster-relief-loans/.
IRS/ NYS Tax Relief Programs:
Extension of filing times, faster refunds, abatement of interest. Talk to your tax preparer or see www.irs.gov – hurricane relief or www.tax.ny.gov – hurricane.
NYS Dept. Labor programs:
Special disaster unemployment assistance for your employees and for farmers and the self employed if your business was negatively impacted. See http://www.labor.state.ny.us and click on “Hurricane Sandy Department Services” or call 888 209 8124. Also- look at the shared work program for your employees – instead of laying people off, they can work reduced hours and make up some of the difference with unemployment benefits.
Rebuilding Sales Tax Exemptions:
Sales tax exemptions on building, equipment, renovation materials purchases. NYC- www.nycedc.com-click on “Hurricane Business Recovery.” Nassau County- e mail LEADS@nassauida.org or call 516 571 1745. Suffolk County email info@suffolkida.org or call 631 853 4802.
Special FEMA Relocation Program:
Hazard Mitigation Grant Program to buy water logged business at pre-storm market value enabling owners to relocate to less flood-prone area properties (must be in flood plain area) (must have sustained damage to the property equal to at least 50% of structure’s cost) (if don’t meet criteria can have FEMA conduct analysis). Your municipality must participate with FEMA in this program. http://www.fema.gov/hazard-mitigation-grant-program
National Grid Hurricane Sandy Relief:
For gas customers whose buildings sustained damage & loss of gas service. Grants up to $250,000 for energy infrastructure repair, building rehabilitation, machinery &equipment. 855-496-9359 www.nationalgridsandyrelief.com
Other Grants:
Small grants for businesses are available from New York Business Development Corporation (NYBDC) contact www.NYBDC.com
Community Development Block Grant Funds through New York State for businesses – grants up to $50,000 - $100,000. Contact www.esd.gov. In Formation.