Is financial assistance available to help my business recover after a disaster?
Hurricane Harvey struck the state of Texas on August 25, 2017. This destructive storm brought over 40 inches of rain to areas in Texas, causing massive flooding. Hundreds of thousands of homes were flooded in the storm, displacing over 30,000 people. Businesses across Texas suffered tremendous flooding and loss of business damages. It is estimated that the costs of Harvey could mount to over $30 billion. Our Texas business law attorneys discuss business recovery efforts following Harvey and where you can turn for help.
Loss of Employees, Customers, and Businesses
Businesses in affected areas of the storm have suffered three fold losses. For some businesses, Harvey cost them their actual building and supplies. Horrendous flooding destroyed some structures. Even those businesses that withstood the flood may have lost essential staff members. With some many people displaced by the storm, carrying on with business as usual may have become impossible. Even further, businesses in areas hit hard by the hurricane lost their customer base. A few weeks of no business can decimate a small business without sufficient cash reserves.
Disaster Relief for Businesses
If your business was effected by Hurricane Harvey, there may be places for you to turn for assistance with recouping your losses and getting back to business. One organization that may be able to help is the National Small Business Association (SBA). The SBA offers financial assistance to eligible small businesses that have suffered physical and economic damages due to a declared disaster. The SBA will provide up to $2 million, depending on your losses and other financial factors. Loan amounts are based on the extent of physical damage to the business or the amount of economic injury, regardless of whether your business suffered property damage
This is just one of several avenues you can pursue to help your business get back on its feet. Your insurance company is another potential source of relief that you should consider. Contact a business law attorney for questions or assistance with rebuilding after Harvey.