Louisiana SBA recipients may soon receive RESTORE grants

Help for damage from the 2016 floods

Don Ames
June 15, 2019 - 2:02 pm

Senator Bill Cassidy says the feds have finally relented and will allow those who suffered damage in the 2016 floods, but received SBA loans, access to Louisiana RESTORE grant money.

Cassidy says those who make below 120 percent of the area-median-income will be immediately eligible for RESTORE, once some final rules are written by the state.

“I’m told there is about 600 million dollars available for these families," said Cassidy. "They should be able to receive them soon, but that will be up to the state and the state will begin the process of making them whole.”

Funds will not be immediately available for those who make more than 120 percent of the area-median income. They will need to file for a hardship waiver, but Cassidy says the barrier to receive that waiver should be set low enough to include people above that income line.

“The federal government has to approve, but the state can write the eligibility rules, and we think that the state has the ability to write these rules so that most folks in that category will be eligible for the RESTORE Louisiana grant.”

Cassidy says the news should relieve some of the stress from thousands who were saddled with significant amounts of debt in the aftermath of the flood, or who just couldn’t afford to finish repairing their homes.

“You’re still hearing of families living in conditions that are just awful, with no drywall, saddled with great debt. So this is the beginning of the end.”

President Trump signed legislation fixing the “duplication of benefits” loophole in October of 2018, but the change was challenged bureaucratically by some federal agencies.

Comments ()