Texas businesses face disaster risks including hurricanes, flooding, tornadoes, winter storms, and wildfires. When disaster strikes, government programs can provide emergency financing, tax relief, and recovery assistance to help businesses survive and rebuild.
SBA Disaster Loans
The SBA provides low-interest disaster loans to businesses of all sizes in declared disaster areas. Physical disaster loans cover repair or replacement of damaged property, equipment, inventory, and fixtures. Economic Injury Disaster Loans (EIDL) provide working capital to businesses affected by disaster. Interest rates are well below market for qualifying businesses.
FEMA Public Assistance
While FEMA primarily assists individuals and public entities, businesses may benefit indirectly from FEMA-funded infrastructure repairs and community recovery programs. Businesses that provide debris removal, construction, or other recovery services can access FEMA contract opportunities.
Texas Comptroller Disaster Relief
The Texas Comptroller may extend tax filing deadlines and provide other tax relief measures for businesses in declared disaster areas. Franchise tax, sales tax, and other state tax obligations may receive extensions.
IRS Disaster Relief
The IRS routinely extends federal tax filing and payment deadlines for businesses in federally declared disaster areas. Casualty loss deductions may also be available for uninsured property damage.
Insurance Considerations
Business interruption insurance, flood insurance through NFIP, and windstorm coverage through the Texas Windstorm Insurance Association (TWIA) are important components of disaster preparedness for Texas businesses.
USDA Emergency Programs
Agricultural businesses affected by disaster can access USDA emergency loans, the Livestock Indemnity Program, the Emergency Conservation Program, and other disaster-specific agricultural assistance.
Preparedness Resources
SBDCs and SCORE provide free business continuity planning and disaster preparedness advising. Developing a disaster plan before a disaster occurs is the most effective way to protect your business.
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