By Murray Wennerlund published 1-15-2022 updated 2-14-2022
When you start the recovery process FEMA will instruct you to apply for an SBA loan. They may also tell you that you will not qualify for Other Needs Assistance (ONA) if you don't apply for a loan. Your list of ONA comes from your governors office and that would tell you the value and items that are covered. Compare assistance and what it is for before you take an SBA loan.
"FEMA regulations at 44 CFR 206.191 set forth a delivery sequence that establishes which source of assistance is duplicative for certain programs. CDBG-DR assistance is not listed in FEMA's sequence, but as a practical matter, CDBG-DR assistance duplicates other sources received before the CDBG-DR for the same purpose and portion of need. Any amount received from other sources before the CDBG-DR assistance that is determined to be duplicative must be collected by the grantee. The mandatory agreement to repay (discussed in VII. below) can be used to prevent duplication by assistance that is available, but not yet received. If the duplicative assistance is received after CDBG-DR, the grantee must collect the DOB or contact HUD if it has questions about whether another Federal agency is responsible for collecting the duplication.
VII. Agreement To Repay
The Stafford Act requires grantees to ensure that applicants agree to repay all duplicative assistance to the agency providing that Federal assistance. To address any potential DOB, each applicant must also enter into an agreement with the CDBG-DR grantee to repay any assistance later received for the same purpose for which the CDBG-DR funds were provided. This agreement can be in the form of a subrogation agreement or similar document and must be signed by every applicant before the grantee disburses any CDBG-DR assistance to the applicant."
Low and Moderate income households should never sign for any SBA Disaster Loan without consulting CDBG-DR
Thousands of homeowners sign for SBA loans because it sounds like the best offer. For personal property replacement loans, yes, for home repair loans no. No if your household is 80% AMI or below which is low to moderate income. HUD CDBG-DR for home repai
by Murray Wennerlund published 5-18-2022 14 seconds read
SBA Disaster Loan Program the Duplication of Benefits story you heard when it was too late.
Once you sign your SBA loan agreement for your disaster loan you also signed away any Grant money that you may have been eligible for at a later date. The key is never take a loan when you qualify for a grant but the grants come after the loans.
by Murray Wennerlund published 1-15-2022 updated 2-14-2022 15 seconds read
Louisiana State Representative Edward Ted James II SBA Regional Administrator District 6 South Central
First SBA announcement for the new year that may bring a shakeup to the disaster lending program. Or will Mr. James simply abandon the idea of creating a lending program designed to assist disaster recovery efforts and keep things as they are?
by Murray Wennerlund published 1-2-2022 updated 2-14-2022 13 seconds read
SBA Economic Injury Disaster Loan (EIDL) Program regulation changes Sept 8, 2021
Recent changes are: eligible uses of the loan proceeds, business size standard, maximum loan limits, appeal of application that has been declined for a second time.
by Murray Wennerlund published 10-3-2021 updated 4-18-2022 8 seconds read
Hurricane Ida Presidential Declaration of a Major Disaster for the State of Louisiana
The Small Business Administration on 09/03/2021 published to the Federal Register a Notice of the Presidential declaration of a major disaster for the State of Louisiana FEMA-4611-DR, dated 08/29/2021 for Physical Damage and EIDL
by Murray Wennerlund published 9-7-2021 1 min. 4 seconds read
We are looking for Skilled Trade Contractors for remodeling, repair, reconstruction and new construction of residential homes. You must be willing to work at 20% overhead / commission. Contact us today!.
American Rescue Plan Act Duplication of Benefits concerns and alerts
SVO Grant is a duplication of benefits with the SBA EIDL and any PPP Draw. A duplication of benefits occurs when your business including self-employed gig workers receives financial assistance which can be in the form of federal secured loans
by Murray Wennerlund published 4-8-2021 updated 1-15-2022 3 min. 37 seconds read
American Rescue Plan Act of 2021 SEC. 5002. TARGETED EIDL ADVANCE.
EIDL Advance is to make payments to covered entities that have not received the full amounts to which the covered entities are entitled under section 331 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.
by Murray Wennerlund published 3-28-2021 updated 4-25-2021 5 min. 40 seconds read
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SBA Disaster Recovery Loans Group is teaming up with financial, tax, and loan processors.
The COVID-19 pandemic has forced hundreds of small business owners to search the internet for DIY assistance with SBA and US Treasury programs. From the CARES Act we will merge into the American Rescue Plan of 2021 with proper business planning.
by Murray Wennerlund published 3-18-2021 updated 4-26-2021 1 min. 10 seconds read
SBA Targeted EIDL Advance Grant
COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses located in low-income communities.
by Contributor published 1-28-2021 2 min. 26 seconds read
"The best way to get the right answer on the internet is not to ask a question; it's to post the wrong answer."
Don't allow misleading or misinformation cost you.
Ask us about H.R. 133 Section 324 titled Save Our Stages (SOS) Shuttered Venue Operator Grants
Section 324 Summary of H. R. 133 Save Our Stages (SOS) Shuttered Venue Operator Grants Questions with Answers. Be sure to submit your question using the form near the bottom of this article. I will be updating this section as changes are published
by Murray Wennerlund published 1-26-2021 updated 2-10-2021 14 min. 32 seconds read
Frequently Asked Question
Does the Restore Louisiana OCD-DRU HUD Grant program offer a Scheduled Draw payment?
Frequently Asked Question
What does disaster Unmet needs mean?