On January 19, 2024, the Federal Emergency Management Agency (FEMA) updated its individual assistance program. This update is specifically tailored for entrepreneurs and other self-employed individuals. The program aims to help entrepreneurs affected by presidentially declared disasters to reopen businesses as quickly as possible. Rather than requiring an SBA loan application for the replacement of business losses, FEMA may be able to provide limited funding to replace damaged tools and equipment required for business operations. The updated program considers the unique needs and challenges faced by entrepreneurs. It’s aim is to make it easier for entrepreneurs and the self-employed get back to business. These new rules are expected to take effect March 22, 2024.
Check out more information about these changes at https://www.fema.gov/press-release/20240119/biden-harris-administration-reforms-disaster-assistance-program-help
