In the wake of Hurricane Ida, we want to make sure you are safe and well.
Our team members all evacuated, our servers are up and running, and RFG is open for business.
We are reaching out to offer our assistance. if you need help, we’re here.
If your business has been interrupted due to the hurricane, and you think there may be significant financial impact, we recommend you get in touch with your insurer as soon as possible.
This all takes time, however, and if you need immediate assistance for your business, the SBA has several types of loans available at low interest rates for Hurricane Ida’s victims (SBA Recovery hub is here):
- Physical Damage Loans, which offer assistance to both individuals (up to $200,000 to replace or repair a primary residence, up to $40,000 to replace or repair personal property) and businesses (up to $2 million) to cover disaster losses to physical property such as real estate, machinery and equipment, inventory, furniture and fixtures, and leasehold improvements not fully covered by insurance.
- Mitigation Assistance, to protect your home or business against future damage from similar disasters, e.g., flooding, wind damage, wildfires and earthquakes. Up to 20% of the dollar amount of verified physical damages may be available.
- Economic Injury Disaster Loans, up to $2 million for working capital, to assist small businesses in meeting necessary operating expenses until normal operating conditions resume. Note that businesses are limited to SBA loans of $2 million in aggregate.
In addition to the above, you may consider some of the following suggestions for your business:
- Obtain a commercial loan – we have developed close working relationships with several available bankers.
- Review your financials and draw up cash flow projections to get a better understanding of what your business income losses will be.
- If you have uninsured or unreimbursed personal or business casualty losses – these can be deducted on your 2020 tax return, despite the hurricane occurring in 2021. We’ll be glad to amend your 2020 return – these losses are deductible.
- Make sure you are keeping up with your business costs.
- Evaluate and prepare business interruption insurance claims.
Remember to keep all Hurricane Ida-related receipts.
Please call us if we can help you regarding your business or personal losses during this recovery period. After all, that’s what we’re here for.
Eric M. Rigby – firstname.lastname@example.org
Office Phone: 504.586.3051
Angela Williams – email@example.com
Office Phone: 504.586.3491
Traci Garrity – firstname.lastname@example.org
Office Phone: 504.586.3489
Joseph Imarata – email@example.com
Office Phone: 504.586.3058
To email me directly, click here.
Wishing you all the best possible outcomes,