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Has SBA made anybody's 7A or 504 payments yet?
Posted on 4/15/20 at 3:45 pm
Posted on 4/15/20 at 3:45 pm
I'm a week past due on my payment. My bank has told me to sit tight and payment will be applied retroactively (to negate interest), but they still don't know how it is supposed to work.
They are so swamped with PPP that stuff like this is not getting much attention from a process standpoint.
Anybody seen their payments yet?
They are so swamped with PPP that stuff like this is not getting much attention from a process standpoint.
Anybody seen their payments yet?
1
Posted on 4/15/20 at 4:31 pm to Ag Zwin
Yes, we have three 7A loans that have six and seven figure balances. The bank notified us that we do not need to make this payment for six months as the SBA will be paying this for us. Its mind blowing the amount of money being printed by our Government right now.
Posted on 4/15/20 at 4:55 pm to PrettyLights
quote:
Yes, we have three 7A loans that have six and seven figure balances. The bank notified us that we do not need to make this payment for six months as the SBA will be paying this for us. Its mind blowing the amount of money being printed by our Government right now.
Ive just got one, but it's 7 digits and that payment will be a huge help.
Have you actually seen a payment? Have you had to do any paperwork?
Posted on 4/15/20 at 7:23 pm to Ag Zwin
No we have not seen a physical payment applied to our account at this time. We were made aware of this when the scheduled auto payments for our loans did not process. We contacted our bank and they let us know that they froze all of their customer's scheduled payments due to the stimulus plan. They said that we should not worry about this in the meantime and that they were expecting a check from the SBA for payment for these loans.
We have not had to complete any paperwork at this time.
We have not had to complete any paperwork at this time.
This post was edited on 4/15/20 at 7:24 pm
Posted on 4/15/20 at 8:36 pm to PrettyLights
Thanks.
Posted on 4/15/20 at 8:47 pm to PrettyLights
It's mind blowing I paid mine off. I'm hoping my history helps.
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