Conversation with Restore LA OCD-DRU to SBA Loan recipients with AMI below 120

FAQ#: 189 published 1-18-2020

NOTICE 1: From conversation with Restore LA OCD-DRU to SBA Loan recipients with AMI below 120%.

SBA Checks will not be issued to Solution 1 or Solution 2 homeowners unless their repair, reconstruction projects are complete. Solution 3 who have closed will process normally. This means you have signed your final grant paperwork. At that time the state will place you in a group to have the treasury department cut you a two party check.

"...the payments can’t be made until the project is complete, because any change to the grant award either by a deductive change order an additive change order or if elevation is added, if accommodations are added."

With this notice we have timelines.

Once you finalize your grant signing the state will within an estimated 10 days submit to the Treasure Department a payment request. This may be a batch item request and could be delayed based on total numbers waiting. This is not clear but it's expected to take 10 days from final grant signing.

Treasury Department may take 3 to 4 weeks to issue you the two party check that you will endorse and mail to SBA.

SBA will then process your payment and apply the payment to "Principle Only".

If the SBA needs to return money to you the SBA will submit a request to the Treasury department which will then take 3 to 4 weeks to send you the balance.

It is not known how quickly the SBA will process your returns at this time. We have ZERO homeowners processed for checks at this time which gives us no useful processing data and time tables. (12-13-2019)

 

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