sch.24-sec.8Maximum loan amount

### sch.24-sec.8 Maximum loan amount The amount of loan assistance for an applicant under the scheme for an eligible disaster— is based on the authority’s assessment of the applicant’s financial position, including any amount recovered by the applicant under an insurance policy; and must not be more than the amount of the net loss to the applicant caused by the eligible disaster. The maximum amount of loan assistance under the scheme for an applicant to refinance an eligible commercial loan is 50% of the total outstanding loan balance. Despite subsections (1) and (2) , the total amount of a loan to an applicant under the scheme for an eligible disaster must not be more than $500,000. sch 24 s 8 prev sch 24 s 8 ins 2013 SL No. 26 s 4 om 2014 SL No. 51 s 6 AIA s 20A applies (see s 8) pres sch 24 s 8 ins 2020 SL No. 29 s 13 amd 2020 SL No. 214 s 7 (sch.24-sec.8-ssec.1) The amount of loan assistance for an applicant under the scheme for an eligible disaster— is based on the authority’s assessment of the applicant’s financial position, including any amount recovered by the applicant under an insurance policy; and must not be more than the amount of the net loss to the applicant caused by the eligible disaster. (sch.24-sec.8-ssec.2) The maximum amount of loan assistance under the scheme for an applicant to refinance an eligible commercial loan is 50% of the total outstanding loan balance. (sch.24-sec.8-ssec.3) Despite subsections (1) and (2) , the total amount of a loan to an applicant under the scheme for an eligible disaster must not be more than $500,000. - (a) is based on the authority’s assessment of the applicant’s financial position, including any amount recovered by the applicant under an insurance policy; and - (b) must not be more than the amount of the net loss to the applicant caused by the eligible disaster.