Louisiana Businesses May See Further Disaster Assistance
The Louisiana Recovery Task Force has outlined programs that may help Louisiana companies get back to business following the historic August 2016 flooding.
More than 14,000 businesses were affected by the flooding. The concepts outlined by the Louisiana Task Force include providing banks with certain guarantees to incentive lending; compiling data on consumers and client in affected areas for use by businesses in deciding how to reopen; offering business counseling for navigating the recovery process; and giving small grants and loans to revive business operations. These programs would supplement the disaster loans offered by the U.S. Small Business Administration (SBA). Economic injury disaster loans through the SBA have a current deadline of May 15, 2017.
The programs outlined by the Louisiana Recovery Task Force may require additional funding from Congress, which has already approved approximately $438 million, $12 million of which is flagged for economic development. Louisiana is seeking approximately $4 billion more from the federal government to aid recovery.