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Started By
Message
Restore La. question
Posted on 8/24/19 at 3:15 pm
Posted on 8/24/19 at 3:15 pm
I received a partial restore La grant but not all of it because they counted the SBA as a duplication of benefits. With the new changes, will I receive the rest or am I screwed since I already accepted a portion of it?
3
Posted on 8/24/19 at 3:28 pm to LurkingNoMore
Depending on what your losses / hardships were, this is something you might not want to play around with on OT... ask your attorney or find one who is well-versed in the program for answers.
Posted on 8/24/19 at 3:31 pm to LurkingNoMore
I got an email from them that they recalculated my “award” this week. I had a “zero” award due to SBA loan Approval and in the recalculation that was removed and it changed my award considerably. It said there was still regulations that hadn’t been settled by HUD and once they are they’d let me know what’s going on with the “award”
This post was edited on 8/24/19 at 3:38 pm
Posted on 8/24/19 at 4:06 pm to LurkingNoMore
They will continue to update any awards you may receive whether you accept them or not. Declining anything they offer you only hurts you. They have given me 3 different awards over the past couple of years. Your SBA loan won't count as DOB if your (2016) salary was <120% AMI. Or if you declined to take a SBA loan no matter your salary. Today I received another check as the difference of the amount of the SBA loan offered to me that I declined to take. My salary in the original application (2016) was >120% so I will not receive the amount of my SBA loan. For me the SBA loan counts as DOB. Hope that helps.
ETA: if you have special circumstances, or hardships, be sure to inform them as it could make a difference in them in discounting your SBA loan as DOB.
ETA: if you have special circumstances, or hardships, be sure to inform them as it could make a difference in them in discounting your SBA loan as DOB.
This post was edited on 8/24/19 at 4:10 pm
Posted on 8/24/19 at 4:50 pm to vjp819
So you receive more than one restore grant?
Posted on 8/24/19 at 5:42 pm to vjp819
This whole thing has me confused as well.
I got approved for 130k for SBA.
I took 50k.
I'm eligible for Restore with the exception of the income stuff, which disqualifies me.
Explain to me how the "duplication of benefits" is resolved when I'm still being punished for having been approved for 130k in SBA, despite not taking it.
(*100k in flood damage with no flood ins.)
I got approved for 130k for SBA.
I took 50k.
I'm eligible for Restore with the exception of the income stuff, which disqualifies me.
Explain to me how the "duplication of benefits" is resolved when I'm still being punished for having been approved for 130k in SBA, despite not taking it.
(*100k in flood damage with no flood ins.)
Posted on 8/24/19 at 6:10 pm to blueboxer1119
My question is since I received restore before duplication of benefits was removed, will I be able to receive the rest with the removal of DOB?
Posted on 8/24/19 at 7:14 pm to LurkingNoMore
We were accepted for SBA, but declined it. It wa a previously counted against us. With the new guidance, our approval amount was removed and our award recalculated. I have been following this very closely. From my understanding, if you “drew down” on the sba, took part of it but not all the approved amount, you will be able to have your award “adjusted” regardless of income. This will take several months for the new action plan to be submitted and approved by HUD
Hope this helps
Hope this helps
Posted on 8/24/19 at 7:25 pm to LurkingNoMore
quote:
My question is since I received restore before duplication of benefits was removed, will I be able to receive the rest with the removal of DOB?
Y E S
Posted on 8/24/19 at 7:30 pm to LurkingNoMore
quote:
So you receive more than one restore grant?
yes, i received the first check, then their guidance changed from awarding 50% to granting 100% and I received another check. Now they have changed their guidance again, and I received another check today.
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