Many businesses were affected by Hurricane Sandy, and many of these businesses had no recovery plans. If your business had a loss from this terrible storm, you may still be able to get help with recovery. Before you can help from FEMA and the SBA, you should check to see if you are in a county which has been declared a disaster area (look at the information on your state to see if your county is listed).
- First, you should check your business insurance policy to see if you have business interruption coverage to help with expenses through the time when your business is down.
- You will need to verify the value of your business property for insurance and tax purposes. The IRS has an article on how to verify the value of business assets so you can use them for a recovery loan or claim them on your business tax return.
For disaster services from the Small Business Administration, you must file an application. You can file online. Read more about the disaster loan process.
While FEMA does not specifically assist businesses, you may be able to get FEMA help. You can find a Disaster Recovery Center to see what help might be available to your business.
Finally, my colleague Williem Perez from Tax Planning has some information about how taxpayers (including small business owners) can get tax relief from the IRS. In particular, the IRS has extended payroll tax returns and payroll tax deposit deadlines (check William's article to be sure your county is among those listed as qualifying for this relief:
- Personal, Business and Payroll Tax Returns: any returns normally due to be filed between October 26, 2012 to January 31, 2013 will now be due by February 1, 2013.
- Payroll Tax Deposits: any payroll tax deposits normally due between October 26 and November 26, 2012, are now due by November 26, 2012.
More about How to Recover from a Business Disaster like Hurricane Sandy.