SBA Disaster Recovery Loan Report / Update.
Based on historical Restore LA Program timelines this is the week you need to start cleaning up your eGrants Document Files you have uploaded and get all your communications in order.
Below is a bullet list of what you need to have from the SBA in hand to secure your repayment of your SBA loan.
- Full and Partial loan amounts by category: You must request from the SBA breakdown of your loan.
- Structural repair or replacement of real estate
- Contents and Non-structural
According to rumors from the Restore LA program if the homeowners and the SBA do not provided the correct information identifying the amounts used in each category the state of Louisiana Restore program will use the Maximum amount for SBA loans for contents to determine your structural repair amounts. Maximum contents is currently $40,000. The state of Louisiana will take $40,000 and subtract it from the amounts the state has determined you have received from the SBA.
To prepare yourself you should contact the SBA for your loan breakdown information: 1-800-659-2955 (Option 4) or email firstname.lastname@example.org
Income Average Median Income (AMI) Adjustments to be made by the state of Louisiana Restore program when your grant is calculated.
Tax Returns or proof of income for AMI adjustments are required if your income has changed since you first applied to the HUD CDBG-DR Grant program the state of Louisiana calls Restore Homeowners Assistance Program.
If you have had an adverse change to your household income you must provide proof of income by uploading your 2017 or 2018 tax returns or your W2 or pay stubs that reflect your actual total household income.
If you had a pay increase that places you over the 120% AMI level first off, congratulations, I have no information at this time. I am reading to find a path you can take if at all possible to use the original tax filings you submitted for tax year of the flood.