White House CAL Jan. Floods Disaster

On Feb. 19, White House declared CAL storms, floods major disaster.

  • White House reported that it approved a disaster declaration for California as a result of damages caused by the storms and flooding from Jan. 21 to Jan. 23, 2024.
  • Ordered federal assistance to supplement State, tribal, and local response efforts.
  • Emergency Declaration
  • Makes federal funding available to affected individuals in CAL county of San Diego.
  • Assistance includes grants for temporary housing, home repairs, low-cost loans to cover uninsured property losses, and other programs to help recover from the effects.
  • Federal funding also available on cost-sharing basis for hazard mitigation statewide.
  • Feb. 20, 2024 SBA Offers Aid
  • On Feb. 20, 2024, SBA issued aid for affected Californian residents and businesses.
  • Businesses of all sizes and private nonprofits may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory.
  • SBA can also lend additional funds to help with the cost of improvements to protect, and to prevent or minimize disaster damage from occurring in the future.
  • For small businesses, agricultural cooperatives, businesses engaged in aquaculture and most private nonprofits, SBA offers Economic injury disaster loans (EIDLs).
  • EIDLs intended to help meet working capital needs caused by the disaster.
  • Economic injury assistance is available to businesses regardless of property damage.
  • Loans up to $500k are available to homeowners to repair damaged real estate.
  • Homeowners, renters are eligible for up to $100k to repair damaged personal property.
  • Feb. 23, 2024 SBA Fed Reg Release
  • On Feb. 23, 2024, SBA published disaster declaration notice in the federal register..
  • San Diego County is primary location and eligible for physical damage and EIDL loans.
  • Adjacent counties of Imperial, Orange, Riverside, available for EIDLs only.
  • Physical damage loans applications due by Apr. 19, 2024, EIDLs due Nov. 19, 2024.
  • In Feb. 2024, FDIC regulatory relief to affected CAL financial institutions, see #202080
  • Feb. 27, 2024 US IRS Tax Relief
  • On Feb. 27, 2024, US IRS announced tax relief for impacted individuals or businesses.
  • Applies to those in California affected by severe storms and flooding beginning Jan. 21.
  • Relief offered to those in any area designated by FEMA, e.g., San Diego county.
  • Same relief will be available to other CAL localities added later to the disaster area.
  • To file returns and to make tax payments, eligible taxpayers have until Jun. 17, 2024.

Regulators SBA; US IRS; White House
Entity Types CNSM; Corp
Reference US IRS: PR IR-2024-51, 2/27/2024; SBA: 89 FR 13794, 2/23/2024; PR CA 20170-01, 2/20/2024; White House: PR, 2/19/2024; Disaster Declaration #20170, #20171, CA-20007;
Functions BCS; Compliance; Financial; Legal; Operations; Treasury
Countries United States of America
Products Corporate; Loan
Regions Am
Rule Type Final
Rule Date 2/19/2024
Effective Date 4/19/2024
Rule Id 201544
Linked to Rule :202080
Reg. Last Update 2/27/2024
Report Section US Investment

Last substantive update on 02/29/2024