FAQ#: 267 published 6-19-2020
EIDL Declined Codes:
Decline Code 31 Economic injury is not substantiated
The sole purpose of an Economic Injury Disaster Loan (EIDL) is to help a small business meet its working capital requirements during the disaster-affected period until normal operations resume. Economic injury is a change in the financial condition of a small business concern that is directly attributable to the effects of the declared disaster. This change in financial condition must result in the business being unable to meet its obligations as they mature or to pay ordinary and necessary operating expenses.
Generally, we measure economic injury by comparing the gross margins generated by the business during the period affected by the disaster to those generated in similar, non-disaster periods. The differences show the disaster's financial impact on the business' operations. Next, we determine the amount of funds the business and its owners need until normal operations resume. Finally, we compare the disaster's impact on operations with the identified financial needs. The smaller of these two amounts is the business' maximum economic injury eligibility. Economic injury disaster loans cannot exceed the financial requirements the business and its owners could have covered had there been no disaster.
Resource: SBA SOP 50 30 8
Louisiana homeowners with major to severe damage from hurricane Laura or Delta must document repairs.
FAQ#: 452 published 5-30-2022 2 min. 32 seconds read
Ineligible Due to Non-Responsiveness and Ineligible Due to Failure to Provide Required Documentation
FAQ#: 441 published 5-26-2022 2 min. 38 seconds read
Does the Restore Louisiana OCD-DRU HUD Grant program offer a Scheduled Draw payment?
FAQ#: 451 published 5-14-2022 1 min. 32 seconds read
Secured Federal USDA Single Family Housing Repair Loans up to $40,000 for 20 years at 1 percent interest and Grants of up to $10,000.
FAQ#: 453 published 4-19-2022 1 min. 50 seconds read
How to help homeowners with their construction projects without requiring a license in Louisiana §309. Construction Management [Formerly §119]
FAQ#: 456 published 4-19-2022 3 min. 35 seconds read
"The best way to get the right answer on the internet is not to ask a question; it's to post the wrong answer."
Don't allow misleading or misinformation cost you.
SBA Reconsideration Loan: My home was hit by Hurricane Sally I am in need of an SBA loan to repair my home. Please reconsider my denied application.
FAQ#: 459 published 4-18-2022 2 min. 44 seconds read
Did your state inform you that you qualify for federal assistance only to later deny you assistance based on state created policy or procedure? Is your home listed as being in one of the most impacted areas? Do you have proof your state accepted you into the federally funded HUD CDBG-DR grant program? Contact us about your experience.
How to calculate your Wind, Snow, Tornado and Seismic risk assessment and apply that information to better home building.
FAQ#: 458 published 3-5-2022 2 min. 31 seconds read
How do I know if my mortgage is federally backed or federally secured? COVID-19 Housing Assistance Program Appeals Process.
FAQ#: 460 published 1-13-2022 2 min. 50 seconds read
TruckAndTools.Com - Google News
Read full articles from TruckAndTools.Com and explore endless topics, magazines and more on your phone or tablet with Google News. TruckAndTools.Com - Google News.
Reconsideration of Declined Loan Applications SBA Economic Injury Disaster Loan (EIDL)
FAQ#: 235 published 4-23-2020 updated 1-4-2022 4 min. 48 seconds read
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.