Profit Growth International Provides Disaster Advice to Businesses in Hurricane Sandy Disaster Area

Oct. 31, 2012 - PRLog -- Many companies do not fully understand how economically punished they will be or can be when customers dry up - even when their company has sustained no physical damage. Companies routinely look only to their own cash or debt to survive an economic downturn. Most businesses are not familiar with the fact that the federal assistance programs understand this and provide the operating capital necessary to avoid financial crisis.

A regional disaster has a tendency to create a psychology in customers of fear or malaise when it comes to spending. This is especially true for customers of business dependent on disposable income. Even a thirty day drop in revenue can drain enough cash on hand or increase private debt that a company might not be able to recover. In some cases, a company can be forced to close with even a brief period of no or low revenue. In this economy, where many companies are already in a shaky economic condition, this is particularly true.

We recommend that, for companies in the Disaster declared areas of New York, New Jersey and Connecticut, get the facts on this operating capital opportunity. It is a little confusing, but assistance for business is found within Assistance for Housing and Economic damage. Much of the language deals with physical damage. But Economic damage is also straightly addressed, if you dig through. The first step is to apply for a FEMA number, but here is the roadmap to understanding this opportunity for businesses. Keep this email handy and consider forwarding this information to your financial advisors and other professional advisors.  

Economic damage is considered as  "Other than Housing Needs" Click Here (http://www.fema.gov/disaster-assistance-available-fema) go to bottom of page, specifically:

Other necessary expenses or serious needs as determined by FEMA.

Other expenses that are authorized by law.

How do you know you qualify: because it is in a "declared disaster" Click Here (http://www.fema.gov/do-i-qualify-other-housing-needs-assi...) , specifically

You have losses in an area that has been declared a disaster area by the President.

Here is a summary of a Disaster Loan for a business,

Disaster Loans Use of Proceeds
The SBA has specific guidelines regarding how the proceeds of such loans may be used. Disaster loans are designed to help you and your business weather an event which has caused either or both of the following: physical damage to your business or property, or economic injury (meaning you can't meet your current obligations in regard to your business).

Economic Injury Disaster Loans
An EIDL can help you meet the normal financial obligations that your business or private nonprofit organization could have met had the disaster not occurred. It permits you to maintain a reasonable working capital position during the period affected by the disaster.
Click Here for this SBA PAGE (http://www.sba.gov/content/disaster-loans-use-proceeds)

Specifics of a Disaster Loan
Loans up to $2 million for small businesses, small agricultural cooperatives and most private, non-profit organizations of all sizes that have suffered disaster-related cash flow problems and need funds for working capital to recover from the disaster's adverse economic impact.

Click Here for more details (http://www.fema.gov/news-release/federal-aid-programs-state-new-york-disaster-recovery-2)

Applying For A Disaster Loan
SBA now offers you the option of filing your home and business disaster loan applications through the Electronic Loan Application (ELA) (https://disasterloan.sba.gov/ela/). You also have the option of submitting your application via mail (http://www.sba.gov/content/disaster-loan-paper-applications).
You may also apply in person at any Disaster Recovery Center and receive personal, one-on-one help from an SBA representative. For information or to find a location near you, please contact our Customer Service Center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.
CLICK HERE for this SBA page (http://www.sba.gov/content/applying-disaster-loan)

PROCESS TO REGISTER
If you are applying for assistance for a Presidential disaster declaration, homeowners and renters must register with the Federal Emergency Management Agency to obtain a FEMA Registration ID Number.

Business Applications must provide:

Contact information (current and alternate telephone numbers).

Owner/identity information (social security numbers / EIN number / FEMA registration number).

Insurance information – if applicable, the name, address, and policy number of any insurance carrier liable for the loss.

Whether you apply to SBA or not, the sooner you apply to receive a FEMA number the better.

HERE IS THE LINK TO REGISTER (http://www.disasterassistance.gov/)

To secure the Disaster declaration number attributable to you area from FEMA, find the state from from the list on the FEMA page. CLICK HERE. (http://www.fema.gov/)

On behalf of Profit Growth International and Strategy Leaders, we wish the best for your business success. We stand ready to assist you in any way.