Understanding your SBA Phase and following the HUD disbursements of funds to pay off or pay down your SBA loan

As defined by the State of Louisiana Restore Louisiana Homeowners Program Action Plan Amendment 12 and Homeowners Manual.

Phase I: Households that have Declined and have approved but Undisbursed SBA Disaster Loans.

Louisiana OCD-DRU estimate:

  • <80% AMI = 172 households with $5,744,232 declined SBA loans.
  • 80%-120% AMI = 198 households with $6,413,567 declined SBA loans.
  • >120% AMI = 798 households with $26,502,908 declined SBA loans.

Total Declined SBA loans 1,168 households for $38,660,707

Understand that these households are covered under the Public Law 115-123 updating Declined loans in HUD's June 20, 2019 Guidance.

HUD June 20, 2019 Guidance also addressed those that partially drew down SBA loans.

State OCD-DRU Estimates:

  • <80% AMI = 2 households $59,864 total SBA Loans
  • 80%-120% AMI = 2 households $48,239 total SBA loans
  • >120% AMI = 7 households $112,770 total SBA loans

Total Partial Draw: 11 households for $220,873

Phase II: Disbursed SBA Loan Adjustments
(This is by income group)

LMI Phase II Adjustments LMI (Low to moderate income)

  • Partial Draw Population (Reimbursement to SBA) 6 $321,790
  • SBA 100% Draw Population (Award Increase) 544 $8,858,421
  • SBA 100% Draw Population (Reimbursement to SBA) 1,132 $33,300,682
  • Total $42,480,893

LMI Phase II Adjustments (80%-120% AMI)

  • Partial Draw Population (Reimbursement to SBA) 3 $125,500
  • SBA 100% Draw Population (Award Increase) 367 $5,916,248
  • SBA 100% Draw Population (Reimbursement to SBA) 722 $21,348,052
  • Total $27,389,800

 

UPDATES related to SBA Repayments using HUD Grants:

Restore Louisiana Sept. 10, 2019

I. Post-closing Phase I Applications total 242 households

Post-closing Applications by Requisition Status & SBA Amount

Requisition Status Count (Households) SBA Amount
SBA Adjustment Paid 233 $7,570,446
SBA Requisition Approved by OCD 7 $251,500
SBA Requisition Created 1 $13,000
No Payment Necessary - Post Solution 2 Only Update 3 - Pullback Requested for 2 SBA Payment (Partial Draw in Phase 1) 1 $30,800
SBA / FIA Adjustment to be Processed under New Guidance 1 $31,800
     
Grand Total 246 $7,897,546


Note: Four applications were added to the original 242 Phase I Requisition tracking population that were previously a part of the SBA third party data NOT FOUND per eGrants. The appropriate updates have been made in eGrants and adjustments have been paid for these four applicants.

Phase I Returns from Recapture

Returns from Recapture Count SBA Amount
Recapture Return - No Payment Necessary 2 $0.00
Recapture Return - SBA Requisition Approved by OCD 1 $12,895.24
Grand Total 3 $12,895.24

Financial Management Team Note: Three applications were added to the original 242 Phase I Requisition tracking population that were in Recapture status with $0 SBA Disbursement. Two will not require an adjustment payment because the file reverted back to the closed award (which did not include SBA). One will receive a partial payment due to other adjustments to the file and the requisition has been approved by OCD.

Status of Phase I SBA Adjustments Paid

SBA Adjustment Checks Cleared Count Amount
Yes 226 $7,329,046
No 7 $241,400
Grand Total 233 $7,570,446

 

SBA Phase I & II Summary Update

Additional updates coming soon 12-10-2019.

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