Reliefs for business owners impacted by the fires in Los Angeles County

January 17, 2025

by a searcher from University of Virginia-Darden - Darden School of Business in Los Angeles, CA, USA

Important information for businesses and business owners impacted by the fires in Los Angeles County:

1. Small Business Administration (SBA) is now offering low-interest disaster loan assistance for businesses and private non-profit organizations (PNPs) affected by the fires in Los Angeles County.

• Businesses and PNPs can borrow up to $2M to repair or replace disaster-damaged or destroyed business property, equipment, and assets. • Businesses and PNPs can also borrow up to $2M for working capital to help pay obligations until their normal operations resume. $2M is a combined limit for these two programs.

2. IRS announced that impacted taxpayers in Los Angeles County will receive a filing relief in the form of the deadline for 2024 returns and quarterly estimated payments in 2025 to be postponed until October 15, 2025.
3. Depending on the policies of individual IRA plans, impacted individuals may be eligible to take a special disaster distribution or hardship withdrawal from IRA that will be exempt from the 10% early distribution tax. Consult your IRA policy.