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Hurricane Disaster Help

Small-business owners whose companies were hit by Hurricane Katrina may be eligible for disaster loans from the U.S. Small Business Administration (SBA). Physical disaster loans of up to $1.5 million provide money to replace or repair equipment, fixtures, inventory and real estate. Economic injury disaster loans of up to $1.5 million are available to small businesses that suffer substantial economic injury because of the disaster. You may be eligible for these loans even if you didn’t experience physical damage from the hurricane — for instance, if your company had to shut down because the storm prevented deliveries from your suppliers. To learn more go to www.sba.gov and click “Recovery Assistance For Hurricane Victims.”

Small Businesses Pay More

A recent report from the U.S. Small Business Administration Office of Advocacy found that small businesses are shouldering more costs than large companies for health insurance, pension plans, paid vacation and sick leave. For instance, the latest data show that the per-participant administrative costs of defined-contribution pension plans (such as 401(k) plans) are as much as 14 times more for the smallest firms than for their largest counterparts. You can get a full copy of the report, “Cost of Employee Benefits in Small and Large Businesses,” at www.sba.gov/advo/research/rs262tot.pdf. Or get the research summary at www.sba.gov/advo/research/rs262.pdf.

 

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