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Understanding Phases for SBA Loan Repayments.
According to the Action Plan Amendment we have 2 phases.
Phase I
- Declined and Undisbursed SBA Disaster Loans.
- SBA Zero Draw Population totaling 1,168 households
- SBA Partial Draw Population (Award Increase) totaling 11 households
- Total Combined Amount: $38,881,580.00
Phase II
- Disbursed SBA Loan Adjustments (LMI).
- LMI Phase II Adjustments (LMI)
- SBA Partial Draw Population
- SBA 100% Draw Population
- LMI Phase II Adjustments (80%-120% AMI)
- SBA Partial Draw Population
- SBA 100% Draw Population
- LMI Phase II Adjustments (>120% AMI)
- SBA Partial Draw Population
- SBA 100% Draw Population
- Total Combined Amount: $198,945,412.00
Total needed based on Action Plan 12 is $237,826,992.00.
Using the phase process order from APA 12 HUD Grant money to repay SBA Loans will be spent in the order listed above.
Adjustments in amounts that will be paid will be made as the program progresses.
The design of APA 12 is to follow HUD National Objectives in order of HUD Guidance June 20, 2019.
The Stafford Act Amendment which was passed in Public Law 115-254 and signed by president Trump and sponsored by Congressman Graves did not include limited assistance based on income class. With that said, HUD Guidance (2019) only required the state to balance the books with a simple percentage 55% and 45% which when put into numbers the state announced would be;
- Total Allocation: $1,708,407,000
- Total to assist LMI: $939,623,850
- Total to assist urgent needs: $768,783,150
The state of Louisiana was told under public law 114-223 (11/21/16), 114-254 (01/18/17) and 115-31 (08/07/17) how much money and what it was to be spent on.
Research State Spending.
Since Dec. 2017 the SBA DOB battle began in our state and the state was given the totals of everyone's loan directly from the SBA.
Questions you may want to ask:
- Did the Restore Louisiana Homeowners Assistance Program properly manage the SBA reimbursement promise that was made by the State OCD-DRU and authorized by HUD Guidance June 20, 2019?
- Was $683 million available in July 2018 when task force members were updated on totals available to repay SBA loans?
- Was $245.5 reserved as the required amount in Oct. 2018 as congressional leaders told the state to "Cut the Checks?
According to Action Plan 12, the sequence of delivery is designed to blame HUD's National Objectives for the reason not all households will receive grants to repay SBA loans.
Note: If I can research state policy and it's numbers as published by the state and cross reference the same numbers with the numbers in the states HUD system and find issues imagine what a state house oversight committee could find. If they need help I'll point them in the direction they need to go to find every dime promised to the people of Louisiana.