Business Disaster Recovery Programs
Businesses located
in Cedar Rapids must apply online through the Corridor Recovery Website.
Expanded Business Rental Assistance Program
This program is for businesses remaining in or locating in rental space that was physically damaged by the 2008 natural disasters. Initially, this program allowed business owners up to $50,000 to help offset building rental lease payments for a maximum of six months. Recipients were also allowed to use the $50,000 for expenses associated with replacing damaged machinery, office furniture, supplies and other equipment. Now, businesses can use up to $50,000 for rental assistance AND receive reimbursement of 75 percent (or up to $75,000) of the actual replacement costs for damaged equipment. In-home businesses are not eligible for the funds.
Loan
Interest Supplement Program
The continued existence of many businesses is threatened by the expense of new debt acquired as a result of the disasters. This program provides funds to business owners to pay for the interest on an SBA or private loan for disaster recovery. Up to a total of $50,000 in funds will be provided to a business, for a maximum of three (3) years. The date a business must close on their physical disaster loan has been extended from June 1, 2009 to June 30, 2010. The maximum reimbursable interest rate is set at 8 percent. (Note: The close date for economic injury loans still remains at June 1, 2009.)
Commercial
Rental Revenue Program
The program element is
designed to assist with cash flow for commercial building owners to offset the
loss of revenue from rental space that was physically damaged by the disaster.
Up to 12 months lost rental revenue is available to businesses who own
commercial rental property, up to $25,000 per unit.
Contact for the above
programs:
Tracy Dekoter, ext 130
Residential Landlord
Business Support Program
The program element is
designed to compensate for lost rental revenue for residential rental landlords
providing affordable housing, whose rental units were physically damaged by the
disaster. Landlords may receive up to $15,000 per business tax identification
number.
Contact for program:
Melanie Riley, ext 138