“WNC STRONG” HELENE BUSINESS RECOVERY FUND

The Fund will provide rapid recovery loans to help Western North Carolina small businesses impacted by Tropical Storm Helene.

Mountain BizWorks announced a rapid recovery loan program to assist Western North Carolina small businesses in recovering from the devastating impacts of Tropical Storm Helene. The WNC Strong: Helene Business Recovery Fund is being established with an initial $7.5 million in support from the Golden LEAF Foundation. Mountain BizWorks and program partners hope to secure additional funding capacity in the coming days and weeks.

Through the Fund, impacted small businesses will be able to apply for loans up to $100,000 to help meet immediate needs and bridge to longer term relief resources from SBA disaster loans, FEMA assistance, insurance, and other sources. The loans will have a one-percent (1%) interest rate and interest-only payments for twelve months. If not repaid in the first year, the loans will automatically convert to a term loan. For terms and application information, visit mountainbizworks.org/helene/fund.

For additional business relief resources, visit mountainbizworks.org/helene.

 

See the press release | Download an SBA Factsheet

For more information about SBA disaster assistance, visit the center or check out sba.gov/disaster.

SBA is offering a Hardship Accommodation Plan (HAP) for COVID-19 EIDL borrowers experiencing short-term financial challenges. Borrowers eligible for this plan may pay 10% of their usual payments for six months, without first catching up on missed payments. Borrowers will have the option to renew after the plan concludes. Interest will continue to accrue, which may increase (or create) a balloon payment due at the end of the loan term. Apply for HAP through the MySBA Loan Portal. 

ELIGIBILITY
All loans in repayment, including past due loans, are eligible. You’re also eligible if your loan is
in default (more than 120 days late on a payment) as long as it hasn’t been sent to the Treasury
for extra collection steps. This generally occurs after you are 180 days late on a payment. Once
Treasury takes extra collection steps, your loan is no longer eligible, and you must work with
Treasury on any further steps. If your loan was already sent to the Treasury, you’ll need to make payments directly to them.

 
TERMS

• Borrowers are required to pay a fixed percentage of their monthly payment amount. Payment reduction will vary based on past enrollment status.
• During the Hardship Accommodation period, borrowers can voluntarily make larger payments.
• The regular monthly payment amount will resume and be required after the six-month Hardship Accommodation period ends. Borrowers may be able to renew the Hardship Accommodation Plan, if necessary. The terms may vary for renewals.
• It’s important to keep up your payments. If you choose this help plan but miss payments, your loan will be considered in default again. There are serious consequences for defaulting on government debt. SBA recommends enrolling in autopay
  to avoid missing a payment.

ENROLLMENT
Borrowers are eligible to enroll in the HAP beginning 60 calendar days before their first payment due date. 

The HAP allows borrowers to make reduced monthly payments for a 6-month period. With the
first enrollment, payments will be 10% of the regular monthly payment, with a $25 minimum.  

Borrowers who make all payments on time during the first 6-month enrollment will be eligible to
re-enroll. If on-time payments continue, borrowers can re-enroll up to four more times with the
following payment reductions:

• 2nd enrollment: 10% of the monthly payment
• 3rd enrollment: 50% of the monthly payment
• 4th enrollment: 75% of the monthly payment
• 5th enrollment: 75% of the monthly payment  

Borrowers can make larger monthly payments than the minimums listed above. These gradual payment increases are meant to help borrowers develop a repayment habit and ultimately
return to full repayment.  

If your loan amount is less than or equal to $200,000:  

• First-time enrollment: To enroll in the Hardship Accommodation plan, create an account or log in to the MySBA Loan Portal. Within the portal, click “Loan Summaries” in the toolbar. On the Loan Summary page, look for “Hardship Accommodation Plan” in the bottom-right corner. Click “Learn more and enroll.”
• Renewals: You may renew the Hardship Accommodation Plan through the MySBA Loan Portal. If you are unable to renew through the portal, please contact COVID-19 EIDL customer service (include Hardship Accommodation Plan in the email subject line), or send a message through the MySBA Loan Portal. You will be contacted by a loan specialist regarding requirements.

If your loan amount exceeds $200,000:  
First-time enrollment and renewals: Please contact COVID-19 EIDL customer service (include Hardship Accommodation Plan in the email subject line) or send a message through the MySBA Loan Portal. You will be contacted by a loan specialist regarding requirements.

Taxpayers Eligible for Interest Relief

The taxpayers eligible for interest relief depends on the type of tax. The following list identifies the taxpayers eligible for interest relief by type of tax (collectively, “Eligible Taxpayers”):

• Income and Franchise Tax – Taxpayers that reside or are located in a Disaster County.
• Sales and Use Tax – Taxpayers whose principal place of business is in a Disaster County.
• Withholding Tax – Taxpayers located in a Disaster County.

Description of Interest Relief

The following describes interest relief for Eligible Taxpayers by type of tax:

• Income and Franchise Tax Returns. The Department will waive the accrual of interest from September 25, 2024, through May 1, 2025, on an underpayment of tax imposed on a franchise, corporate income, or individual income tax return, including a partnership and estate and trust tax return, due on September 25, 2024, through May 1, 2025. Interest relief includes interest accrued on the underpayment of estimated income tax.
• Sales and Use Tax Returns. The Department will waive interest for the following:
  
  • Monthly Return for September 2024 Payment must be made on or before
    November 20, 2024.
  • Monthly Return for October 2024 Payment must be made on or before
    December 20, 2024.
  • Quarterly Return for 3rd Quarter 2024 (Period Ending September 30, 2024) Payment must be made on or before November 30, 2024.
• Withholding Tax Returns. The Department will waive interest for the following:
  
  • Monthly Return for September 2024 Payment must be made on or before
    November 15, 2024.
  • Monthly Return for October 2024 Payment must be made on or before
    December 15, 2024.
  • Quarterly Return for 3rd Quarter 2024 (Period Ending September 30, 2024) Payment must be made on or before November 30, 2024.
    
    

How to Receive Interest Relief

• Underpayment of Estimated Tax. An Eligible Taxpayer that did not pay the required amount of estimated income tax for tax year 2024 and owes interest on the underpayment should enter “E” in the “Exception to Underpayment of Estimated Tax” box on the applicable 2024 tax form.
• Other Interest. An Eligible Taxpayer assessed interest subject to waiver should notify the Department by taking one of the following actions:
  • Submit Form NC-5502, Special Penalty and Interest Waiver, and write
  • “Hurricane Helene” in the space provided to explain why interest should be waived.
  • Call the Department at 1-877-252-3052 (7:00 am until 4:30 pm Eastern Time, Monday through Friday).

Note. Form NC-5502 is available on the Department’s website, ncdor.gov. However,
any Eligible Taxpayer that does not have electronic access to Form NC-5502 can call the Department at 1- 877-252-3052 (7:00 am until 4:30 pm Eastern Time, Monday through Friday), to request assistance or visit a service center.

Additional Time for Eligible Partnerships and S Corporations to Make Timely Taxed PTE Election for Tax Year 2023 is also available.

The Internal Revenue Service announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia.

 

Taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. Among other things, this includes 2024 individual and business returns normally due during March and April 2025, 2023 individual and corporate returns with valid extensions and quarterly estimated tax payments.

 

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Besides all of Alabama, Georgia, North Carolina and South Carolina, this currently includes 41 counties in Florida, eight counties in Tennessee and six counties and one city in Virginia.

 

Individuals and households that reside or have a business in any one of these localities qualify for tax relief. The same relief will be available to other states and localities that receive FEMA disaster declarations related to Hurricane Helene. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.

 

Filing and Payment Relief

The tax relief postpones various tax filing and payment deadlines that occurred beginning on Sept. 22, 2024, in Alabama; Sept. 23 in Florida; Sept. 24 in Georgia; Sept. 25 in North Carolina, South Carolina and Virginia; and Sept. 26 in Tennessee. For a current list of eligible localities, visit the Tax Relief in Disaster Situations page.

In all of these states, the relief period ends on May 1, 2025 (postponement period). As a result, affected individuals and businesses will have until May 1, 2025, to file returns and pay any taxes that were originally due during this period. 

This means, for example, that the May 1, 2025, deadline will now apply to:

• Any individual or business that has a 2024 return normally due during March or April 2025.
• Any individual, business or tax-exempt organization that has a valid extension to file their 2023 federal return. The IRS noted, however, that payments on these returns are not eligible for the extra time because they were due last spring before the hurricane occurred.
• 2024 quarterly estimated income tax payments normally due on Jan. 15, 2025, and 2025 estimated tax payments normally due on April 15, 2025.
• Quarterly payroll and excise tax returns normally due on Oct. 31, 2024, and Jan. 31 and April 30, 2025.

In addition, the IRS is also providing penalty relief to businesses that make payroll and excise tax deposits. Relief periods vary by state. Visit the Around the Nation page for details.

 

The Disaster assistance and emergency relief for individuals and businesses page has details on other returns, payments and tax-related actions qualifying for relief during the postponement period. Among other things, this means that any of these areas that previously received relief following Tropical Storm Debby will now have those deadlines further postponed to May 1, 2025.

 

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. These taxpayers do not need to contact the agency to get this relief.

 

It is possible an affected taxpayer may not have an IRS address of record located in the disaster area, for example, because they moved to the disaster area after filing their return. In these unique circumstances, the affected taxpayer could receive a late filing or late payment penalty notice from the IRS for the postponement period. The taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization. Disaster area tax preparers with clients located outside the disaster area can choose to use the Bulk Requests from Practitioners for Disaster Reliefoption, described on IRS.gov.

 

For additional details, visit the IRS site here.

In response to the recent federal disaster declaration, Disaster Unemployment Assistance (DUA) is available for 25 counties in Western North Carolina, including Buncombe, Haywood, Henderson, Madison, McDowell, and Yancey. People in these counties have 60 days from October 1 to file an application for Disaster Unemployment Assistance. Click here to apply. The deadline to apply is December 2. 

 

Unemployment Guidance

In the event of employee layoffs, individuals should apply for both North Carolina unemployment insurance and disaster unemployment assistance simultaneously. Applications can be submitted at des.nc.gov. If an individual does not believe they are eligible for North Carolina unemployment insurance they should apply for disaster unemployment assistance. State and federal unemployment assistance due to a disaster is not charged against the employer’s account. (This does not apply to attached payroll unemployment).

**Important Deadlines and Information**

• Employees have 60 days from the disaster declaration date (October 1, 2024) to
  file for unemployment benefits related to the disaster.
• Those eligible for state unemployment benefits must exhaust these benefits (up to
  12 weeks) before qualifying for disaster unemployment assistance.
• There is no waiting period for claims indicating that unemployment is a result of a
  disaster.
• Weekly reporting is mandatory, and any income received must be reported.
• Applicants are not required to actively search for employment during this period if
  unemployed due to disaster.

DUA homepage
DUA Hotlines: English/919-629-3857 | Spanish/919-276-5698
Hurricane Helene DUA Page 
How to File a Disaster-Related Claim (brochure)
DUA Flyer
FAQs
DES: Twitter/X | Facebook | LinkedIn

Apply to FEMA

Don’t forget to tip your server!

We miss seeing their faces, and they miss our tips as their primary source of income. WNC, let’s support our hospitality workers!

Every time you make your coffee, crack a beer, or heat up that microwave meal at home, consider tipping a local service industry worker or their entire staff. Find the virtual tip jar here!

 

In partnership with the U.S. Small Business Administration (SBA), the Chamber established a Business Recovery Center to support local businesses affected by Hurricane Helene.

Whether you’re seeking guidance on disaster loans or looking for support in your recovery efforts, their specialists are ready to assist.

 

LOCATION:

Asheville Chamber Visitor Center

36 Montford Ave

 

HOURS:

Monday - Friday  9am - 6pm

Saturdays  9am - 3pm

This list is comprised of providers willing to offer pro bono individual sessions or groups for individuals impacted by Hurricane Helene in WNC. The first section is providers offering both in person and Telehealth in descending order of city. The second section is providers offering Telehealth (virtual) only. There are over 150 entries.

Click here to access these providers.

Click here for General Resources, Get Help, How to Help, as well as County-Specific Resources.

Click here for a live document of vetted resources.

 

• AVL Watchdog

• BPR - 88.1 FM (Asheville), 107.5 (Black Mtn), 90.5 (Marshall), 99.3 (Hendersonville)  | NEWS@bpr.org

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• WLOS