In July 1939, after the bridge plan was canceled, the proposal for the Brooklyn–Battery Tunnel was revisited. Around this time, Roosevelt's administration was considering loosening PWA requirements and lowering interest rates so that the Battery Tunnel could qualify for these funds. By November, La Guardia was arranging to obtain financing for the tunnel, even if it had to come from private sources. After a meeting with La Guardia, RFC Chairman Jones announced that there were no obstacles to granting a $70 million loan toward the tunnel project. The city was expecting to start construction once the loan was received. The tunnel plans were completed and sent to federal agencies for approval that month.