FAQ#: 247 published 4-23-2020
I was researching a bit this morning the structure and roles the treasury department and the SBA would have. I wanted to see the mechanism to prevent the duplication of benefits we hate to see. I found one caveat that you should be aware of and may not be reported in process your private lenders will make.
It appears if you might have rushed to apply for a loan and you did under the normal business loan that loan could be considered a duplicative loan and would most likely be processed before your disaster EIDL loan. This would be a good question for your SBDC in your area and you might want to cancel your loan application before proceeding with your EIDL.
I'll update as I hear from some of the SBDC people on how the Duplication of Benefits between the SBA and Treasury program will be monitored. In HR 748 it seems to be based on the borrowers statement which from history is about 96% truthful with disaster loans.
In section 1109 (f) CERTIFICATION part 1 and 2:
"(1) does not have an application pending for a loan under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) for the same purpose; and"
636(a) references the classical SBA business loan and lists the purpose of the loan here: §636. Additional powers
(a) Loans to small business concerns; allowable purposes; qualified business; restrictions and limitations
https://uscode.house.gov/view.xhtml?req=(title:15%20section:636%20edition:prelim)
https://www.congress.gov/bill/116th-congress/house-bill/748/text#HA61850FDEF3943CB8A713F15B5A55EF5
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You make it your concern to help others by providing much needed information. You take all disaster recovery issues facing homeowners today and make them your Matters Under Review. If this sounds like you, visit Matters Under Review (MUR) for more information.