With year-end nearing, this client alert summarizes the extension of important deadlines and rebuild considerations for businesses recovering from Hurricane Helene.
Extensions
FEMA and SBA Deadline Extended to January 7
Only a few weeks remain to apply for FEMA individual assistance. Disaster survivors eligible for relief must apply by January 7, 2025, for consideration. See https://www.fema.gov/press-release/20241109/fema-extends-deadline-apply-helene-assistance. Note that federal recovery aid available to businesses is provided through the Small Business Administration (SBA), but businesses are encouraged to first apply through FEMA. Certain private nonprofit organizations, including houses of worship, also may be eligible for FEMA disaster grants. More information is available in our prior post here: https://www.brookspierce.com/publication-hurricane-helene-financial-resources-for-businesses.
Applications for the federal Small Business Administration’s Business Physical Disaster loans also are due by January 7. Economic Injury Disaster Loan applications are open until June 30, 2025. See https://www.sba.gov/article/2024/12/10/last-call-sba-disaster-loans-final-deadline-hurricanes-helene-milton-relief. A comparison of these two loans is available in our prior post here: https://www.brookspierce.com/publication-hurricane-helene-financial-resources-for-businesses.
Disaster Unemployment Assistance Deadline Extended to January 7
Federal unemployment assistance also is available on a weekly basis for those out of work because of Hurricane Helene. As with FEMA assistance and SBA physical disaster loans, applications must be submitted by January 7. More information is available here: https://www.des.nc.gov/dua.
Benefit Plans
The U.S. Department of Labor, together with the Treasury Department, the Internal Revenue Service, and the Department of Health and Human Services, extended certain deadlines applicable to employee benefit plans, plan sponsors, labor organizations, and other plan service providers subject to the Employee Retirement Income Security Act of 1974 (also known as ERISA). See https://www.dol.gov/sites/dolgov/files/EBSA/employers-and-advisers/plan-administration-and-compliance/disaster-relief/disaster-relief-notice202401.pdf. The extensions and suspensions provide relief through May 1, 2025, on account of Hurricane Helene. The notices and guidance also encourage non-federal plans and health insurance issuers to extend deadlines.
Tax Relief
Taxpayers that received an extension on their federal 2023 return now have through and including May 1, 2025, to file that return. May 1, 2025, also is the deadline for filing federal 2024 returns and paying any associated taxes due.
Businesses (and individuals) are encouraged to consider disaster loss deductions and other forms of federal tax relief that may be available. See https://www.irs.gov/newsroom/irs-help-available-to-victims-of-hurricanes-helene-and-milton-may-1-deadline-now-applies-to-individuals-and-businesses.
Building Codes
For those rebuilding, be sure to check construction plans against applicable building codes, including the North Carolina State Building Codes (https://codes.iccsafe.org/codes/north-carolina) and local codes. Permits may be required in advance of rebuild as well as demolition. Although permit fees may be waived during recovery, the permitting requirement itself remains.
Brooks Pierce joins many other communities and organizations in recognizing the extreme impacts of Hurricane Helene and the great recovery effort required. For attorneys and paralegals interested and able to lend pro bono services, add your name with ours at https://www.ncbarfoundation.org/our-programs/disaster-legal-services/disaster-legal-services-volunteer-sign-up-form/#content (NC attorneys) or https://www.ncbar.gov/news-publications/news-notices/2024/10/supreme-court-allowing-non-nc-lawyers-to-provide-pro-bono-legal-services-to-helene-victims/ (attorneys not barred in NC).