Physical Disaster Loan Eligibility
Any business or private, nonprofit organization that is located in a declared disaster area and has incurred damage during the disaster may apply for a loan to help replace damaged property or restore it to the condition it was in before the disaster. If your business or private, nonprofit organization —large or small — has suffered physical damage as a result of a disaster, you may be eligible for financial assistance from the U.S. Small Business Administration. SBA makes physical disaster loans of up to $2 million to qualified businesses or private, nonprofit organizations.
IRS –- Tax deductions for “casualty loss”
Topic 515 - Casualty, Disaster, and Theft Losses (Including Federally Declared Disaster Areas)
Generally you may deduct casualty and theft losses relating to your home, household items and vehicles on your Federal income tax return. You may not deduct casualty and theft losses covered by insurance unless you file a timely claim for reimbursement, and you must reduce the loss by the amount of any reimbursement.
A casualty loss can result from the damage, destruction or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake or even volcanic eruption. A casualty does not include normal wear and tear or progressive deterioration.
For more information about emergency preparedness in the United States, visit the following web sites:
Federal Emergency Management Agency - The primary mission of the Federal Emergency Management Agency is to reduce the loss of life and property and protect the Nation from all hazards, including natural disasters, acts of terrorism, and other man-made disasters, by leading and supporting the Nation in a risk-based, comprehensive emergency management system of preparedness, protection, response, recovery, and mitigation.
National Oceanic and Atmospheric Administration (NOAA) - The NOAAWatch is a web portal offering information about ongoing environmental events, and explains the role of NOAA in prediction, monitoring, and recovery from environmental hazards. It provides public access to current information on a number of environmental threats ranging from oil spills, to hurricanes and tsunamis, to space weather.
American Red Cross - Since its founding in 1881 by visionary leader Clara Barton, the American Red Cross has been the nation's premier emergency response organization. As part of a worldwide movement that offers neutral humanitarian care to the victims of war, the American Red Cross distinguishes itself by also aiding victims of devastating natural disasters. Over the years, the organization has expanded its services, always with the aim of preventing and relieving suffering.
U.S. Environmental Protection Agency - The mission of the Environmental Protection Agency is to protect human health and the environment. Since 1970, EPA has been working for a cleaner, healthier environment for the American people.
U.S. Fire Administration - As an entity of the Department of Homeland Security's Federal Emergency Management Agency, the mission of the USFA is to foster a solid foundation in prevention, preparedness, and response by providing national leadership to local fire and emergency services.
U.S. Department of Health and Human Services, Center for Disease Control - CDC seeks to accomplish its mission by working with partners throughout the nation and the world to monitor health, detect and investigate health problems, conduct research to enhance prevention, develop and advocate sound public health policies, implement prevention strategies, promote healthy behaviors, foster safe and healthful environments, and provide leadership and training.
U.S. Geological Survey - The U.S. Geological Survey's mission is to serve the Nation by providing reliable scientific information to describe and understand the Earth; minimize loss of life and property from natural disasters; manage water, biological, energy, and mineral resources; and enhance and protect our quality of life.
U.S. Nuclear Regulatory Commission - The U.S. Nuclear Regulatory Commission (NRC) was created as an independent agency by Congress in 1974 to enable the nation to safely use radioactive materials for beneficial civilian purposes while ensuring that people and the environment are protected.
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