Economic Development Recovery and Resiliency Playbook - Flipbook - Page 97
The $2 million loan cap includes both physical disaster loans and EIDLs. There are no upfront fees or early payment penalties
charged by SBA. The repayment term will be determined by your ability to repay the loan.
U.S. Department of the Treasury
Disaster Assistance and Emergency Relief Program for Individuals and Businesses. The U.S. Department of the Treasury
may extend your tax deadlines if your business is impacted by a federally declared disaster.
Your account will automatically be coded for filing and/or payment relief if you meet both of the following conditions:
• You live in a county identified by the IRS as qualified for disaster tax relief; and
• Your address is up to date with the IRS.
U.S. Department of Housing and Urban Development Programs (HUD)
203(k) Rehabilitation Mortgage Insurance. HUD ofers 203(k) Rehabilitation Mortgage Insurance for home buyers, including
those with multi-unit structures. A 203(k) can be used to buy or refinance a home and the cost of its rehabilitation or to finance
the rehabilitation of your existing home. You may use the money for a range of work that could include:
• Residential section, rehabilitation of property that also has non-residential uses.
• Conversion of any size property to a one-to-four-unit structure.
You must be able to make monthly mortgage payments and be rehabilitating a home that is a least 1 year old in order to qualify.
Community Development Block Grant (CDBG) Program. HUD ofers CDBGs that provide flexible grant opportunities to
help cities, counties, and states recover from Presidentially-declared disasters. These grants are particularly oriented toward
low-income areas and subject to the availability of supplemental appropriations by the U.S. Congress, which may appropriate
additional funding for the CDBG Program as Disaster Recovery grants to rebuild the afected areas and provide crucial seed
money to start the recovery process.
State Recovery Resources
Small Business Finance Center. The California Infrastructure and Economic Development Bank (IBank) Small Business
Finance Center features a loan guarantee program designed to assist small businesses that experience barriers when attempting
to access capital. The Small Business Loan Guarantee program encourages lenders to provide funds to small businesses to help
them grow and prosper.
IBank’s Disaster Relief Loan Guarantee Program helps mitigate barriers to capital for small businesses that do not qualify for
federal disaster funds, including businesses in low-wealth and immigrant communities. The maximum loan guarantee is
$1 million, and the Disaster Relief Loan Guarantee can cover up to 95% of the loan amount.
The finance center promotes statewide economic development by increasing opportunities for entrepreneurs, the selfemployed, microbusiness, and small business owners to have better access to capital and other technical resources. The Small
Business Loan Guarantee program helps businesses create and retain jobs, and encourages investment in low- to moderateincome communities.
California Department of Tax and Fee Administration (CDTFA). Emergency tax or fee relief is available for taxpayers who
have been directly afected by disasters declared as state of emergencies, both in California and nationally.
Available services may include the extension of tax return deadlines, relief of penalty and interest, or replacement copies of
records lost due to disasters. This relief is ofered to any taxpayer who was directly afected by the disasters in the listed counties
and who, as a result, cannot meet their filing and payment deadlines. Information regarding relief requests is available in
numerous languages.
Tools for Implementation
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