How a Hurricane Affects Business Activity in FL

Hurricane Irma has devastated a large part of the Caribbean and Florida. It has had a huge direct impact on the lives of tens of thousands of people, but the aftermath is much broader. Here’s what to expect from the economy and potential assistance you can take advantage of as a hurricane survivor.

As the entire State of Florida is a Federally- declared disaster area, your lender is required by Federal Law to give you a three- month forbearance on your mortgage payment at no cost and no credit implications if requested. Contact your mortgage holder and it should only take two minutes. The next payment is January, Protected content , and your loan will be extended by three months. Thanks to Jurado & Farschian Protected content .
Unemployment is expected to rise and the national economic growth is likely to be slowed down, by almost one third.
The economy will recover by the first quarter of the New Year latest.
More jobs in the construction and reconstruction industry may be created.
First-time unemployment claims are projected for a high jump in the next 5 months. After that period a decline is expected. To read the full article on economic projection after Irma, please click here.
As an exempt employee you are entitled to your regular pay if your company has closed for business during and after the hurricane. However, you must be aware that if the office was open and you decided not to attend work, this is classified as absence for “personal reasons” and you may lose the pay for the days you have not performed your work duties. Non-exempt workers, unfortunately, are not entitled to pay during absence due to any reason. Original source: Paying Employees When the Weather Outside is Frightful (And You Close Your Business), FrankCrum.com
A legal aid hotline has been opened for hurricane survivors who are unable to afford an attorney. The number is Protected content . The voicemail service is available in English and Spanish.
Services will be provided to all qualifying Floridians in all Florida counties. The following types of free legal help are available:
Assistance with FEMA and other benefits
Making insurance claims
Dealing with home repair contractors
Replacing important documents that have been destroyed during the hurricane
Consumer protection matters
Mortgage-foreclosure or landlord/tenant issues
Your voice message will get a reply in 2 business days between 9am and 5pm. To read the full article, read more information on available assistance and advice, and to get a list of the participating law firms and organizations, click here.
The IRS has issued a tax relief on those who were hit hardest by the hurricane. It includes the following:
Extending filing deadlines for both taxpayers and businesses
Offering further deadlines for various business tax activities
Allowing hardship withdrawals, such as Protected content , without a penalty to cover living expenses of the named taxpayer or an immediate family member residing in the affected area. Click here to read more.
16 of the Florida’s counties are eligible to take advantage of the tax relief: Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam, Sarasota, and St. John’s. To learn more about the tax relief, click here.
If you are a survivor of hurricane Irma and need further information and assistance, please do read the full articles on the above-mentioned sources and links, and get in contact with the relevant organizations.

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Fulton Abraham Sanchez, the founder of FAS CPA & Consultants of Miami, FL, is a Certified Public Accountant specialized in Tax Planning. You can email him to Protected content .

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