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|
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|
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|
SBA Phase I & II Summary Update
Additional updates coming soon 12-10-2019.
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