Hurricane Helene: IRS, NC Department of Agriculture Announce Deadline Extensions
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Collapse ▲The IRS announced extensions for certain North Carolina residents and businesses. These extensions apply to residents and businesses in counties affected by Hurricane Helene who were subject to the October 15, 2024 deadline to file their federal individual and business taxes for 2023. The new deadline will be May 1, 2025. The full list of affected counties along with other information about the extensions can be found on the IRS’ announcement.
The May 1, 2025 deadline also applies to payments that would otherwise be due to the IRS from September 25, 2024 to May 1, 2025. Such payments will include quarterly estimated tax payments, quarterly payroll and excise tax returns, and penalties on payroll and excise tax deposits that were previously due in that September 25, 2024 to May 1, 2025 time frame.
SBA Provides Disaster Assistance
The U.S. Small Business Administration (“SBA”) also announced that low-interest loans would be made available to businesses and residents of North Carolina counties affected by Hurricane Helene. The underlying purpose of these loans is to ensure that disaster survivors are not delayed in receiving necessary financial assistance by the insurance claims process.
Interest rates through the SBA’s program can reach as low as 4% for businesses, 3.25% for nonprofit corporations, and 2.813% for homeowners and renters. The term of the loan can be set up to 30 years, with the first payment not being due up to 12 months from the date of the initial disbursement.
Applicants for SBA loans are encouraged to simultaneously apply for FEMA grants, which cover short-term expenses. FEMA grants are the ‘get you back on your feet’ money, whereas SBA loans pertain to long-term recovery.
North Carolina Department of Agriculture Announces Extensions
In addition to the IRS’ deadline extensions, the North Carolina Department of Agriculture & Consumer Services has compiled a list of relevant disaster information for farmers and agribusinesses.
The Veterinary Division is temporarily allowing animals being evacuated to North Carolina to be transported without an Interstate Certificate of Veterinary Inspection (“IVCI”), subject to certain conditions. The temporary exception is set to expire on November 6, 2024.
Additionally, the Structural Pesticide Control and Pesticides Division has extended the private pesticide re-certification deadline, previously set at September 30, 2024, to December 30, 2025. This extension applies to all counties in North Carolina.
Final Note
The relief process provided to those affected by Hurricane Helene remains a dynamic situation that is changing every day. The extensions and exceptions discussed in this article are always subject to rescission, modification, or subsequent extension. Residents and businesses who intend on relying on this relief are encouraged to contact the relevant agency or department to ensure the relief being sought is still available.