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Forbes Daily Briefing

How L.A. Small Businesses Can Get $2 Million In Help — Even If They Weren’t Burned

Forbes Daily Briefing

Forbes

Careers, Business, News, Entrepreneurship

4.612 Ratings

🗓️ 14 January 2025

⏱️ 5 minutes

🧾️ Download transcript

Summary

The SBA is authorized to provide up to $2 million in low-interest-rate, long-term disaster loans per business to cover physical or economic damage. But the agency depends on Congress to replenish its funds.

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Transcript

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0:00.0

Here's your Forbes Daily Briefing for Tuesday, January 14th. Today on Forbes, how LA

0:07.8

small businesses can get $2 million in help, even if they weren't burned. Last Tuesday

0:14.8

morning, the first of the wildfires broke out in the Pacific Palisades neighborhood of Los

0:19.6

Angeles, tearing through dry brush in the Santa Monicaisades neighborhood of Los Angeles, tearing through dry brush

0:21.7

in the Santa Monica Mountains.

0:24.3

As of Sunday, the Palisades fire was still spreading, and four major blazes had burned

0:29.3

nearly 40,000 acres in the L.A. area, taking at least 24 lives, destroying or damaging more

0:35.8

than 12,000 structures and causing economic damages

0:39.4

now estimated at up to $150 billion.

0:43.9

The Palisades, with its canyon and ocean views, was known for its high-end houses,

0:49.5

ranging from sleek modern designs to classic California-Spanish-style estates. Another devastated neighborhood,

0:57.0

Altadena, 35 miles to the east, had some more modest homes that families had owned for generations.

1:04.0

But the fire hasn't just cost lives and leveled housing. It's also taken out thousands of shops and

1:09.5

restaurants and damaged the business prospects

1:11.9

of those still standing. In the Palisades' 90272 zip code alone, there were more than 1,000

1:18.8

businesses before the fire. Across Southern California, business owners, and particularly

1:24.8

those dependent on local customers, now face the tough decision

1:28.6

about whether to rebuild and reopen, gambling that demand will recover quickly enough to make it

1:33.9

worth the risk.

1:35.8

Some restaurants destroyed by the fires are already looking for community support to rebuild.

1:41.0

Foxes, a diner in Altadena with roots stretching back to 1955, and the Real Inn, a casual

1:47.4

seafood spot in Malibu, are among those that have started GoFundMe campaigns to help their

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