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US Senate’s possible fix to SBA Loan duplication of benefits issue for 2016 flood

Posted: 3:28 PM, Jul 25, 2018
Updated: 2018-07-25 16:28:48-04

                       (Cassidy on Addition of Duplication of Benefits Fix in Senate Legislation)The Senate Commerce Committee released an updated version of legislation to reauthorize the FAA that includes several provisions sought by Senator Bill Cassidy to aid victims of the Great Flood of 2016, according to a release from Cassidy’s office. This includes a provision to eliminate federal duplication of benefits restrictions that prevent federal disaster homeowners who qualify for SBA loans from seeking Restore Louisiana/Community Development Block Grant Disaster Recovery funding to repay their SBA disaster loans or use it to supplement assistance for recovery purposes. Today, Gov. John Bel Edwards released the following statement on the U.S. Senate’s potential resolution to the SBA loan duplication of benefits issue for homeowners hit by the 2016 floods:"News that we are one step closer to providing relief to thousands of homeowners who are still rebuilding their lives after the damage caused by the 2016 floods is something we’ve been working on and waiting to hear for quite some time, "said Gov. Edwards. "Thousands of hardworking families and individuals have been prevented from receiving assistance we feel they deserve from the Restore Homeowner Assistance Program because the federal government requires the Restore program to consider a loan from the Small Business Administration the same as a grant, therefore calling it a duplication. That has never been something I nor the members of our Congressional Delegation have agreed with and in fact, have been working for nearly two years to correct.   I want to thank our delegation for their tireless work on this issue but especially Rep. Garret Graves, Rep. Cedric Richmond and Sen. Bill Cassidy.  There is still work to be done, and we will continue working together to ensure our people get the help they need and deserve."