Disaster Recovery Business Assistance Programs
Disaster Recovery Business Assistance Programs Application
Disaster Recovery Business Assistance Duplication of Benefits Documentation
Equipment Reimbursement Assistance Program
The purpose of the disaster recovery equipment reimbursement assistance program (ERAP) is to provide financial assistance to businesses that (1) owned their own building, or (2) leased rental space, during the 2008 natural disaster(s). The building or rental space must have sustained physical damage. Awards are limited to 100% of business expenses associated with the purchase of machinery and equipment, office equipment, furniture, supplies and inventory, not to exceed a total amount of $400,000 per business. Any business awarded funds must be located in a presidentially-declared county at the time assistance is provided. Businesses eligible under the Business Rental Assistance Program (BRAP) will not be eligible for additional assistance under this element. Additionally, in-home businesses are not eligible for assistance.
Flood insurance Reimbursement Program
The purpose of the disaster recovery flood insurance reimbursement (FIRP) program is to provide financial assistance to reimburse businesses for the cost of flood/sewer backup and related business interruption insurance coverage. Businesses are eligible if they meet one of the following criteria: (1) had water in their building as a result of the 2008 disaster(s), involving overland flow or sewer backup; and/or (2) are located in the 100 or 500-year floodplain. Under option (2), businesses that located to either floodplain subsequent to the disaster may also be eligible for assistance. Reimbursement would be for a one time, one year of coverage, up to $30,000 per qualified business.
Expanded Business Rental Assistance Program
The purpose of the disaster recovery business rental assistance program (BRAP) is to provide financial assistance to a business located in or planning to locate in a business rental space that was physically damaged by the 2008 natural disaster(s). Assistance will be in the form of rental assistance to help offset building rental lease payments for a maximum of six months. This expanded program (EBRAP) also provides assistance in the form of reimbursement for up to 100% of business expenses associated with the purchase of machinery and equipment, office equipment, furniture, supplies and inventory. Awards are not to exceed a total award of $50,000 per business for rental assistance and $400,000 per business for associated business expenses described above. In-home businesses are not eligible for the funds.
Loan Interest Supplement Program
The purpose of the Loan Interest Supplement Program is to provide assistance in the form of interest supplements to businesses who have obtained physical disaster loans or economic injury disaster loans from an eligible lender. Funds will be provided to individual businesses, for a maximum of three (3) years, not to exceed $100,000 per business.
Commercial Rental Revenue Program
The program element is designed to assist with cash flow for commercial building owners to offset the loss of revenue from rental space that was physically damaged by the disaster. Up to 12 months lost rental revenue is available to businesses who own commercial rental property, up to $25,000 per unit.
Residential Landlord Business Support Program
The program element is designed to compensate for lost rental revenue for residential rental landlords providing affordable housing, whose rental units were physically damaged by the disaster. Landlords may receive up to $15,000 per business tax identification number.