Bipartisan Landrieu-Cochran-Wicker Legislation Gives Disaster Relief to Hard-Hit Gulf Coast Small Businesses

Senate Committee on Small Business and Entrepreneurship Chair Mary L. Landrieu [D-La., pictured] -- along with Sens. Thad Cochran [R-Miss.] and Roger Wicker [R-Miss.] -- just introduced a bill that provides financial relief to as many as 11,000 businesses in Louisiana, Mississippi, Alabama and Texas.

These small businesses are still rebuilding after Hurricanes Katrina, Rita, Gustav and Ike. With this bipartisan legislation, they have the potential to create or save up to 40,000 jobs.

"The small businesses in these hard-hit areas have not survived just one disaster, but three: Hurricanes Katrina and Rita in 2005; Hurricanes Gustav and Ike in 2008; and, last year, the Deepwater Horizon [oil spill] disaster," said Sen. Landrieu. "These valuable, pioneer businesses took the initiative to quickly reopen after the storms, and gave communities the confidence to come home. If residents see their local gas station or their favorite restaurant open, they are more likely to come back to rebuild their homes -- spurring economic growth in these devastated areas.

"As we approach the sixth anniversary of Hurricanes Katrina and Rita, we must ensure that these pioneers can make it past this anniversary. This legislation will help these businesses not just survive, but grow and hire workers."

"The economic recovery, both on the Gulf Coast and nationally, has been stubbornly slow," said Cochran. "Easing the federal loan burden on small businesses that quickly rebuilt after successive hurricanes should help with job creation. I support this legislation as a worthwhile tool to continue rejuvenating the economy of Southern Mississippi and the Gulf Coast region."

"Gulf Coast small businesses and entrepreneurs continue to recover from Hurricane Katrina and the devastation caused by last year’s oil spill," said Wicker. "Economic opportunities created by this legislation would provide an important boost at a critical time for the entire region."

The Southeast Hurricanes Small Business Disaster Relief Act of 2011 would give the Small Business Administration [SBA] the authority to waive up to $15,000 of the interest payments for businesses in Louisiana, Mississippi, Alabama and Texas over three years. The SBA is required to give priority to applications with the following credentials:

* Businesses with 50 employees or fewer;

* Businesses affected by Hurricanes Katrina and Rita, that reopened between September 2005 and October 2006;

* Businesses affected by Hurricanes Gustav and Ike, that reopened between September 2008 and January 2009; and/or

* Businesses that suffered substantial economic injury from the Deepwater Horizon disaster

Representative Cedric Richmond [D-La.] will be introducing the House companion bill. Last Congress, a similar proposal received support from the U.S. Chamber of Commerce, the U.S. Conference of Mayors, the New York Times, the Times Picayune, and other Gulf Coast groups.

Applications for the program would not be accepted after March 31, 2012.

GoodBiz113's Take
Once again, Sen. Landrieu is leading an impressive bipartisan initiative to serve the far-reaching interests of small businesses. Entrepreneurs of all political stripes are fortunate that she's doing so.

Hopefully, Congress will act swiftly to pass the Senate and House versions of this legislation, so that Gulf Coast small-business owners can focus on growing their enterprises -- and the U.S. economy.

SOURCES: U.S. Senate Committee on Small Business and Entrepreneurship, Wikipedia
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SBA Partners with Agility Recovery Solutions to Provide Disaster Preparedness Tools for Business

With the June 1 start of another Atlantic hurricane season, the U.S. Small Business Administration and Agility Recovery Solutions are launching a new website to help small businesses develop an emergency preparedness plan before disaster hits, and reminding homeowners and renters to plan ahead as well.

"Regardless of where you live, it’s a good idea to be ready for any kind of crisis," said SBA Administrator Karen Mills. "Every threat -- from windstorms, floods, wildfires and earthquakes, to power outages and computer system failures -- reminds us to be proactive when it comes to building strategies to survive a disaster and recover quickly. Recent disaster events demonstrate the need for preparedness to reduce the risk to life and property."

Weather experts are predicting this year’s storm season may be the most intense since 2005, when Hurricanes Katrina, Rita and Wilma devastated the Gulf Coast states.

In an effort to encourage businesses to plan ahead, the SBA has teamed with Agility Recovery Solutions, a firm that has provided business continuity and disaster recovery tools to small companies for 21 years.

Today, the SBA and Agility launched the Prepare My Business website [http://www.preparemybusiness.org/]. Prepare My Business provides tips on how small-business owners can develop their own disaster preparedness plans, and features interactive tools -- such as monthly webinars on business continuity planning.

"It is critical that small businesses have a written disaster preparedness plan in place, so that they are ready to deal with the challenges that often come without notice, and get their businesses back up and running," said Administrator Mills.

Disaster preparedness for homes and businesses should include:

* A written emergency response plan. Find evacuation routes from your home or business, and establish meeting places. Make sure everyone understands the plan beforehand. Keep emergency phone numbers handy. Business owners should designate a contact person to communicate with other employees, customers and vendors. Ask an out-of-state friend or family member to be your "post-disaster" point of contact; i.e., a person to call to provide information on your safety and whereabouts.

* Adequate insurance. Disaster preparedness begins with having adequate insurance coverage -- at least enough to rebuild your home or business. Homeowners and business owners should review their policies to see what is not covered. Businesses should consider "business interruption insurance," which helps cover operating costs during the post-disaster shutdown period. Flood insurance is essential. To find out more about the National Flood Insurance Program, visit the website at http://www.floodsmart.gov/.

* Making copies of important records. It’s a good idea to back up vital records and information saved on computer hard drives, and store those items at a distant offsite location. Computer data should be backed up routinely. Copies of important documents should be kept in fireproof safe deposit boxes.

* A "disaster survival kit." The kit should include a flashlight, a portable radio, extra batteries, a first aid kit, non-perishable packaged and canned food, bottled water, a basic toolkit, plastic bags, cash, and a disposable camera to take pictures of the property damage.

In addition to the Prepare My Business site, more preparedness tips for businesses, homeowners and renters are available on the SBA’s website at www.sba.gov/disasterassistance.

To learn more about developing an emergency plan, visit the Federal Emergency Management Agency’s websites -- Ready.gov, at http://www.ready.gov/, and Ready Business, at http://www.ready.gov/business/index.html -- or, call 1-800-BE-READY to request free materials.

The SBA makes low-interest loans to homeowners, renters and non-farm businesses of all sizes. Homeowners may borrow up to $200,000 to repair or replace damaged real estate. Individuals may borrow up to $40,000 to cover losses to personal property.

Non-farm businesses and non-profit organizations of any size may apply for up to $2 million to repair or replace disaster-damaged business assets and real property. Small businesses and non-profits that suffered economic losses as a direct result of the declared disaster may apply for a working-capital loan up to $2 million, even if the property was not physically damaged. To learn more about the SBA’s disaster assistance program, visit the website at www.sba.gov/disasterassistance.

SOURCE: U.S. Small Business Administration
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New Landrieu Amendment Provides Interest Relief for Small-Business Disaster Loans

Today, United States Senator Mary L. Landrieu [D-La., pictured], chair of the Senate Committee on Small Business and Entrepreneurship, announced her intention to introduce an amendment that would offer businesses with Small Business Administration [SBA] disaster loans from the 2005 and 2008 hurricanes, interest relief of up to $15,000. Sen. Thad Cochran [R-Miss.] has indicated he intends to co-sponsor the measure.

"Businesses along the Gulf Coast have faced some of the worst disasters this country has ever seen," Sen. Landrieu said. "To this day, many of these businesses are struggling to pay down loans made from the hurricanes in 2005 and 2008.

"Now, they are being faced with another disaster that is threatening their way of life once again. With the oil spill in the Gulf of Mexico impacting businesses in Louisiana and along the entire Gulf Coast, we have the opportunity to offer some relief.

"This amendment allows the SBA to offer interest relief to small businesses with existing loans. It is my hope that this amendment will be adopted quickly when the full Senate considers the Supplemental next week."

The proposal would apply to disaster loans made after Hurricanes Katrina, Rita, Gustav and Ike. SBA would be required to prioritize applications for businesses with 50 employees or less, and businesses impacted by the BP oil spill. Businesses would still be responsible for the principal and the remaining interest of their loans. According to loan data from the SBA, this program could potentially help up to 12,000 businesses.

This amendment is similar to a bill, S. 2986, the Southeast Hurricanes Small Business Disaster Relief Act of 2010 -- introduced by Sens. Landrieu, Cochran and Roger Wicker [R-Miss.] -- which was endorsed by the U.S. Chamber of Commerce this week. To read the letter of endorsement, go to: http://bit.ly/Chamber2986.

GoodBiz113's Take
What's good for America's 27.2 million small businesses is good for the entire country -- especially since we create 60-80 percent of all new jobs here.

Sen. Landrieu's proposal will help small businesses impacted by myriad forms of disaster, and deserves swift action -- before the next oil spill, hurricane, tornado, wildfire, etc., brings livelihoods to a far-reaching halt.

SOURCES: GovTrack, U.S. Senate Committee on Small Business and Entrepreneurship
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Sens. Landrieu, Snowe Call for GAO Investigation Into Small-Business Hurricane Recovery Efforts

U.S. Senate Committee on Small Business and Entrepreneurship Chair Mary Landrieu [D-La.] and Ranking Member Olympia J. Snowe [R-Maine] today wrote to Gene L. Dodaro [pictured], acting comptroller general of the U.S. Government Accountability Office, requesting a progress report on Gulf Coast small-business recovery efforts. The senators expect that the investigation will be completed ahead of the fifth anniversaries of hurricanes Katrina, Rita and Wilma in August 2010.

After the 2005 storms, "The region’s small businesses experienced massive losses that caused great harm to those businesses’ owners, employees and customers," Sens. Landrieu and Snowe wrote. "Federal assistance to small businesses has been, and continues to be, imperative for the region’s economic recovery."

The investigation is meant to focus on the Small Business Administration’s disaster loan program and state-administered business assistance programs funded by Department of Housing and Urban Development’s community development block grants. The senators also requested details on federal recovery contracts received by small businesses in the Gulf Coast region.

"We would also like you to provide information on the current state, and improvements in, the region’s small-business economy," the senators wrote.

For further details of the request, please view the letter here: http://bit.ly/7DeAT.

SOURCES: U.S. Government Accountability Office [photo], U.S. Senate Committee on Small Business and Entrepreneurship, Wikipedia
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