For those of you involved in Build it Back there are TWO BIG CHANGES today regarding SBA loans.
Build It Back & SBA Loans: New Policies
Federal rules for Build it Back applicants with SBA loans are complicated. Many homeowners who drew down on their loan both have to pay back their loan and have the amount of their loan deducted from their Build It Back grant. Others are being penalized even if they declined their loan. We’re introducing two new policies to make it easier for SBA loan applicants in our program to get relief.
- Build it Back will now increase reimbursement amounts from 60% to up to 100% of the reimbursable amount for any applicants who drew down on their SBA loan. Currently, all applicants receive reimbursement up to 60% of the value of reimbursable work. Applicants who have received disbursements of SBA loans and who have already received reimbursement at the 60% level are eligible for an additional payment under the new policy.
- Build it Back is now offering a simplified process for applicants who declined SBA loans. A simple new financial hardship form makes it easier to demonstrate financial hardship. We are encouraging even those who were previously declined a waiver to apply.
If you have questions call GB Cares or stop by the office and we’ll help you out!