Almost every business and individual in Puerto Rico has suffered medium to severe damage due to the catastrophic passage and aftermath of Hurricane María.  Even if your home or business is insured, a disaster assistance request must be filed with the Federal Government to secure a maximum amount of recovery assistance.  Below are some recommendations for the filing of your assistance requests.

• Gather and secure pictures of the damaged property, if possible before, and after the hurricane. Make a comprehensive list of all damaged property and secure it with original purchase receipts, if available.
• Make a journal and detailed list of the expenses and cost incurred in repairing and cleaning and acquiring new items, and secure it along with every sales receipt.
• Call your insurance agent and have available a copy of your policies to make sure you understand the type of losses that are covered, insurance limits and deductibles.
• Let your insurance agent know that you will be registering with the Federal Emergency Management Agency (FEMA).
• Registration with FEMA can be done online at gov or by telephone at 1-800-621-3362.  We recommend you do the application as soon as possible and no later than November 29, 2017.
• Once you register with FEMA, the agency may refer you to the Small Business Administration (SBA) if you or your business are candidates for a disaster loan. These loans may cover damage to private property that is not fully compensated by insurance.  To apply you may visit the following link: sba.gov
• Under SBA, renters and homeowners alike may borrow up to $40,000 to repair or replace personal property. Homeowners may apply for up to $200,000 to repair or replace their disaster damaged residence.  Businesses of all sizes may apply for a Physical Disaster Loan and small businesses, small agricultural cooperatives and private non-profit organizations may be eligible for economic injury.  These loans could not exceed $2 million to repair or replace damaged property or economic injury.  SBA can also lend additional funds up to 20% of the verified losses to help make improvement to the property (both real and contents) that protect, prevent or minimize the same type of disaster damage from occurring in the future (mitigation).  Interest rates are fixed for the term of the loan and can be well below market rates.

We are available to assist you and your business in processing your insurance and/or government assistance request and represent you throughout the claims process.  Contact us at your convenience.

This publication is a summary of approved legislation or administrative determinations and pronouncements referred to herein and is not intended to substitute legal advice.  We encourage you to contact us or your attorney if you have any questions or need assistance regarding any of the matters presented herein.  An attorney-client relationship with Pellot-González, Tax Attorneys & Counselors at Law, P.S.C. cannot be formed by reading or responding to this memorandum.  Such a relationship may be formed only by express agreement with Pellot-González, Tax Attorneys & Counselors at Law, P.S.C.

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