Deadline for 2008 disaster assistance programs extended - KWWL - Eastern Iowa Breaking News, Weather, Closings

Deadline for 2008 disaster assistance programs extended

DES MOINES (KWWL) -- State departments are extending their deadlines for several program applications for businesses and landlords impacted by the 2008 disasters.

The Iowa Department of Economic Development and Rebuild Iowa Office said they've heard from many people who need more time to apply for funding, and the Governor wants to provide this for as many people as possible.

"We want to do everything we can to accommodate Iowans impacted by the 2008 disasters," said Governor Chet Culver. "We will continue to listen to the needs that remain among those still recovering and will remain as flexible as we can at the state level to quickly address challenges that exist in the recovery process."

Businesses are encouraged to apply for many of the programs as soon as possible, because the funds are awarded on a first-come, first-serve basis.

The Rebuild Iowa Office provided the following description of the programs affected and the updated application deadlines:

The application deadline for the Commercial Rental Revenue Gap Assistance Program is now Dec. 31, 2010. This program assists 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 of lost rental revenue may be available to businesses who own commercial rental property, up to $25,000 per unit.

The application deadline for the Residential Landlord Business Support Program is now Dec. 31, 2010. This program compensates 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.

The Loan Interest Supplement Program provides funds to business owners to pay for the interest on an SBA or private loan for disaster recovery. Those businesses that incurred a physical disaster loan before June 30, 2010 are eligible for this program. However, the application deadline for this program has been extended to Dec. 31, 2010.

The Equipment Reimbursement Assistance Program provides financial assistance to businesses that had equipment, machinery, inventory, supplies, and furniture losses. This program now includes both businesses who owned their own building, as well as those who leased rental space, during the 2008 disasters. The application deadline remains December 31, 2010. Any business awarded funds must be located in a presidentially-declared county at the time assistance is provided.

There have also been modifications to the Expanded Business Rental Assistance Program. The percentage reimbursement for equipment has increased from 50% to 75% and the cap increased from $50,000 to $75,000. The application deadline for this program remains December 31, 2010.

The deadline for the Business Rental Assistance Program is also December 31, 2010.

The Flood Insurance Reimbursement Program provides financial assistance to reimburse businesses for the cost of one year of flood insurance. Businesses are eligible if they (1) had water in their building as a result of the 2008 disaster(s), involving overland flow or sewer backup; and/or (2) are located in the 100 or 500-year floodplain. Under criteria 2, businesses that located to either floodplain subsequent to the disaster may also be eligible for assistance. Reimbursement is for a one-time, one year of coverage, up to $5,000 per qualified business. The flood insurance policy start date must fall between January 1, 2010 and December 31, 2010. In-home businesses are not eligible for this program.



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