Special tax law provisions may help businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. Depending on the circumstances, the IRS may grant additional time to file returns and pay taxes. Businesses in a federally declared disaster area can get a faster refund by claiming losses related to the disaster on the tax return for the previous year, usually by filing an amended return.
The IRS also offers audio presentations on Planning for Disaster. These presentations discuss business continuity planning, insurance coverage, recording keeping and other tips to stay in business after a major disaster.
For more information visit http://www.irs.gov/businesses/small/article/0,,id=156138,00.html.
SBA provides low interest disaster loans to homeowners, renters, businesses of all sizes and private, non-profit organizations to repair or replace real estate, personal property, machinery & equipment, inventory and business assets that have been damaged or destroyed in a declared disaster.
Any business that is located in a declared disaster area and has incurred damage during the disaster may apply for a loan to help repair or replace damaged property to its pre-disaster condition. The SBA makes physical disaster loans of up to $2.0 million to qualified businesses. Physical Disaster Loans are for permanent rebuilding and replacement of uninsured or underinsured disaster- damaged privately-owned real and/or personal property. SBA’s physical disaster loans are available to businesses of all sizes and private, non-profit organizations.
Economic Injury Disaster Loans provide necessary working capital until normal operations resume after a disaster. The law restricts economic injury disaster loans to small businesses, small agricultural cooperatives and certain private, non-profit organizations of all sizes.
For more information visit http://www.sba.gov/services/disasterassistance/index.html.
Local Economic Development corporations/organizations are committed to working with new or expanding industries in their city or county. These organizations often provide assistance in the areas of site selection, research, networking, business training, tax information and act as a liaison to local government officials and programs. You can also consult your local phone directory.
Partnerships between private business and public emergency response agencies are helping make Wisconsin communities more resilient to disasters. Companies like Schneider trucking and Indianhead Food Distributor are teaming with emergency management and response officials in 11 Wisconsin communities to help identify resources that may be needed during a disaster response or recovery, to share information and intelligence before, during and after an emergency and to more quickly call on private businesses and citizen volunteers when emergency assistance is needed.
Joining an existing partnership or starting a new one has benefits for both the public and private sectors. Wisconsin citizens are safer when businesses and public agencies work together, communities can avoid or more quickly recover from a disaster and businesses can avoid disruptions to operations, employees and customers. For more information please visit WeVolunteer Registry.