We are deeply saddened by Hurricane Ian’s devastating damages on our Southwest Florida community. For this reason, this company is providing free step by step help and tips to get your recovery going fast for your business credit and safeguarding your personal credit.
EIDL and Business Physical Disaster Loans
The SBA EIDL program was designed for disaster relief for businesses that were impacted by tornados, hurricanes, floods and never for a pandemic, until COVID-19 came along. Even though your company participated with the COVID-19 EIDL, your company is eligible for Hurricane Ian’s disaster relief. The quickest way to get a response from SBA is to have your paperwork and identification ready, here is the checklist:
- Copy of your driver’s license, front and back. Make sure the resolution of your identification is sufficient and clear.
- Your 2021 business tax returns or your 2020 business tax returns with your 2021 extension
- Keep your Disaster Relief login and password stored at a safe place
- Based on your business circumstance, SBA has the Business Physical Disaster or the Economic Injury Disaster Loans to get you started after Hurricane Ian. Select one or both, which are based on your physical damages and economic damages. You may be qualified up to 2M by combining both loans.
For example: A market in Sanibel, which has physical and economical damages due to the devastation of Hurricane Ian. This business owner will be eligible for both loans since the business has physical and economic damages after Hurricane Ian.
Example Two: A HVAC business has a considerable number of clients in Moorings and Pelican Bay, due to the impact of Hurricane Ian, the accounts receivable of the Moorings and the Pelican Bay area are diminished, therefore, this client can only apply for the EIDL.
- Answer the disaster relief application true and to the best of your knowledge
- If you have physical damages to your business, take pictures of before and after Hurricane Ian
- Upload all the required documents SBA is seeking. If you are frustrated in applying for this relief program, we can help you, just contact us. We are locally owned and operated in Southwest Florida, Naples to be exact. Just a phone call away, click here for our contact form.
- SBA Business Recovery centers will be open in Southwest Florida and Tampa as well. You can apply online, or you may go to SBA Business Recovery centers directly
- Avoid 800 calls or out of state calls soliciting these programs and claiming they are working with SBA
Safeguarding Your EIN
Monitor your business credit report with Dun and Bradstreet and Experian Business. Dun and Bradstreet has free business credit report monitoring. During the aftermaths of natural disasters, business identity and personal identity are the most vulnerable.
Safeguarding Personal Identity During Natural Disasters
- Never give a door knocker your social security information
- Avoid doing business with door knockers, get referred. There are abundant emergency resources that Lee, Collier and Charlotte Counties are providing, call your counties emergency centers directly
- Plan a safeguard for your personal credit. This company previously has a complimentary step by step process for senior Floridians, who are the most vulnerable. Click here and it’s free
Commercial and Business Loans Natural Disaster Aftermath
If your commercial real estate property is securitized by a commercial loan, you must contact your creditor immediately. If minor property damages were caused by Hurricane Ian and affected your accounts receivable, you may qualify for a temporary deferment program. Most lending institutions have a natural disaster deferment program. Working with your creditors is crucial during a natural disaster aftermath. Maintaining your business credit and personal credit after a natural disaster is a strategy within itself, most importantly, if you a are determined for a quick recovery. If your commercial property is leveled, take photos of the damages and send them to your creditor explaining that your commercial property is leveled and no longer existing. If your business leases a commercial unit and has an existing business loan, again contact your lender and request a temporary deferment, only if your business was financially affected by Hurricane Ian.
Home Mortgage Disaster Programs
All mortgage lenders have a natural disaster department. If you call your lender’s 800 number, make sure you speak to an American representative and not someone who is overseas and does not know the protocol of a natural disaster process, which is a very important. If you do receive an overseas representative, ask to speak to an American and be transferred. Most of the time the overseas representatives will transfer you back to an United States representative. Here is a step by step checklist for your home mortgage natural disaster application:
- Take a lot of photos of the damage of your home, videos will also help.
- Call your mortgage lender immediately and inform them your property or properties have been impacted by Hurricane Ian. This will allow the creditor not to report you late on your credit report and suspend any late payment activities. For each property you own and that has been impacted by Hurricane Ian, you must contact your creditor.
- The creditor will require your insurance adjuster’s report whether or not your home is fixable, or uninhabitable.
- You have the options to fix or rebuild or pay your mortgage to your creditor from your insurance claim. If there is a difference between what you owe to your creditor and what the insurance agent provides, your creditor will work with you to accept a settlement, if your home is uninhabitable
- If you were financially impacted, you may be qualified for a temporary deferment.
Auto Loan Natural Disaster Deferment Programs
It is necessary to contact your creditor immediately, whether your vehicle has or has not been damaged by Hurricane Ian. If your earnings have been financially hurt by Hurricane Ian, use these step by step tools to navigate your auto loan:
- Insurance agencies have protocols for automobiles that were submerged by flooding
- Contact your creditor and request your credit reporting to be suspended, since your car has been flooded and damaged by Hurricane Ian.
Your creditor cannot report you late if you informed them your vehicle was totaled by a hurricane.
- If you were financially impacted by Hurricane Ian and your vehicle is drivable, you may request for a deferment program during this time. The deferred payments will be applied to the back of your auto loan or lease.
- You can also check disasterassistance.gov
The more transparent you are with your creditors, the faster your financial recovery will be.
Not the new kids on the block. Locally accessible for Boca Grande, Bonita Springs, Cape Coral, Estero, Fort Myers, Marco Island, Naples, Port Charlotte, Punta Gorda. Please fill out the online contact form about your Hurricane Ian business credit and personal credit concerns or give us a call at 239.260.4602. Read what our valued clients have to say about First Pro Capital and Credit Consulting Experts on our Testimonials page.