The recent wildfires in Los Angeles have left many residents and businesses facing significant challenges. If you’re one of those affected, it's crucial to know that numerous resources are available to assist you during this difficult time. Along with the resources listed below, as your accountant at Silvers Financial Services we're sharing some helpful tips to guide you through the recovery process, particularly when it comes to managing your finances and securing the support you need.
1. FEMA Disaster Assistance
FEMA offers grants to assist with temporary housing, home repairs, and other essential needs.
Apply Online: disasterassistance.gov
Helpline: 1-800-621-3362
2. SBA Low-Interest Disaster Loans
The Small Business Administration (SBA) offers low-interest loans to homeowners and businesses for repairing or replacing damaged property.
Apply Online: disasterloanassistance.sba.gov
3. California Employment Development Department (EDD)
If you’ve lost employment due to the wildfires, the EDD provides unemployment benefits to help you during this period.
Services: edd.ca.gov
4. Tax Relief
Both the IRS and the California Franchise Tax Board offer tax relief, including extended filing deadlines and casualty loss deductions for those impacted by the fires.
IRS Disaster Assistance: irs.gov/disasters
FTB Disaster Relief: ftb.ca.gov
5. Local Support Services
Several local organizations are ready to help with critical services such as shelter, food, and healthcare:
211 LA: Dial 2-1-1 or visit 211la.org to access local resources.
American Red Cross: Offers emergency shelters, meals, and health services. Contact them at redcross.org or call 1-800-733-2767.
6. Avoiding Scams
Unfortunately, disaster victims are often targeted by fraudulent schemes. To protect yourself, ensure that you are only working with reputable organizations.
Guidance on Scams: insurance.ca.gov
Helpful Tips from Your Accountant
As you navigate through recovery, here are some financial tips to ensure you’re making the most of the available resources and protecting your financial well-being:
1. Prioritize Your Expenses While it’s easy to get overwhelmed with the chaos of recovery, it’s important to stay focused on the basics—temporary housing, food, and essential repairs. Work with local resources to secure these first before tackling other non-essential expenses.
2. Understand Your Insurance Coverage Contact your insurance provider as soon as possible. Many policies will cover damages from wildfires, but understanding your coverage limits, deductibles, and claims process is key. We recommend keeping a copy of your policy on hand and documenting all damage for your claim.
3. Explore FEMA and SBA Assistance If your property has been damaged or destroyed, FEMA disaster assistance and SBA low-interest loans can provide crucial financial support. However, these programs can be time-consuming, so it’s important to apply early and keep track of deadlines.
4. Reevaluate Your Financial Plan Wildfires can disrupt your income, savings, and investments. Now is a good time to reevaluate your financial plan with a focus on recovery. Work with a financial advisor to assess your current situation and make adjustments to ensure long-term financial stability.
5. Protect Against Fraud Disasters can attract scammers looking to exploit those in need. Be wary of unsolicited phone calls, emails, or messages asking for personal information. Always verify the legitimacy of any organization before sharing any details.
6. Keep Records of All Expenses Save receipts and keep detailed records of all disaster-related expenses. Not only will this help you track your spending during recovery, but it may also be necessary for FEMA or tax-related assistance.
Personalized Support
For additional financial advice and personalized support, consider reaching out to us or your trusted accountant. Our experts can guide you through the complex process of securing loans, filing insurance claims, and rebuilding your financial future after a disaster.
Stay safe, and remember that while the recovery process may be long, you don’t have to face it alone. These resources and tips will help you get back on your feet and move toward a brighter future.
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