Nashville and the surrounding areas have been hit especially hard during the month of March, beginning the month with devastating tornado damage and ending it in a state of emergency due to Coronavirus. It is a trying time to be a small business, in the service or entertainment industry or a part of the gig economy. Below are a few resources you may want to consider taking advantage of that may soften the financial impact of these crises:
Apply for disaster assistance through FEMA.
Davidson County Metro Water Services has suspended cut-offs and waived late fees for the month of March. Payment plans may be established by calling 615-862-4600 and speaking with a representative.
Nashville Electric Services has suspended all disconnects, including all disconnects due to nonpayment, through April 1. All customers who wish to discuss payment options should call 615-736-6900.
Piedmont Natural Gas has decreased rates on natural gas in the Tennessee service territory which will be reflected immediately in customers’ March 2020 bills.
The Small Business Association has opened a Business Recovery Center (BRC) to help businesses apply for disaster assistance located at Jefferson Street Missionary Baptist Church at 2708 Jefferson Street.
This disaster declaration covers Davidson, Putnam and Wilson counties.
Loans up to $2 million are available to businesses and non-profit organizations “to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.”
The SBA is also offering Economic Injury Disaster Loans to small businesses, agricultural co-ops, small businesses engaged in aquaculture and most private non-profits to help meet working capital needs.
Disaster loans of up to $200k are also available to individual homeowners for repairs to damaged or destroyed real estate. Homeowners and renters are eligible for up to $40k to repair or replace disaster damaged or destroyed personal property.
Interest rates are low and terms are up to 30 years.
Apply online: https://disasterloan.sba.gov/ela/
The IRS has extended the tax deadline for individuals who reside or have a business in Davidson, Putnam and Wilson counties to July 15, 2020.
If you have received FEMA assistance for your primary residence, you may qualify for a sales tax refund for purchases related to tornado damage up to $2500.
Student Loan Forbearance is available to any borrower affected by a natural disaster in the area where you live or work for a period of up to 90 days upon your request to the servicer. Interest will still accrue but the accrued interest will not be added to the principal loan balance when the forbearance ends. Reach out to your personal student loan servicer to understand how to apply for the forbearance.
The team at Gordon Law Group will continue to update our clients and community as more resources become available. We are here for you.