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

FAQ#: 180 published 12-10-2019

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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