· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: Los Angeles County businesses affected by recent wildfires are eligible for up to $2 million in low-interest disaster loans from the Small Business Administration (SBA)
• The program extends to businesses indirectly impacted, including those dependent on damaged neighborhoods for customers
• Affected nonprofits and homeowners can also apply for financial assistance.
🔭 The context: Wildfires have ravaged nearly 40,000 acres in the L.A. area, killing 24 people and causing $150 billion in economic damages
• The SBA declared L.A. a disaster area on January 7th, enabling federal assistance
• However, previous disasters highlight potential delays in loan processing and funding due to Congressional bottlenecks
🌍 Why it matters for the planet: The devastating impact of these wildfires underscores the increasing frequency of climate-related disasters
• Financial aid for recovery is critical to ensuring local economies and communities can rebuild resiliently, while also promoting long-term adaptation strategies
⏭️ What's next: Businesses have until March 10, 2025, to apply for physical damage loans and until October 8, 2025, for economic injury loans
• Congress may need to allocate additional SBA funds to meet demand, but approval timelines remain uncertain
💬 One quote: “You can always say no if you’re approved. Make sure you really have thought about your business plan and what recovery will look like in your area,” – Maria Watson, University of Florida professor
📈 One stat: Businesses receiving SBA disaster loans are 13 percentage points more likely to survive after disasters compared to those denied loans, according to a 2024 U.S. Census Bureau study
Click for more news covering the latest on corporate sustainability and climate change adaptation
