Truck Load Rates Halt 8 Week Slide 2.0

I had previously mentioned the Covid-19 SBA Debt Relief Program enacted for those that have an existing SBA 7(a) loan.

My truck loan is a SBA 7(a) loan...

The way these loans work is that the SBA underwrites and "guarantees" up to 85% of these loans, but they utilize an SBA approved lender to process the loan.

My bank rep was a little fuzzy on how the process was going to unfold on that program. In reality, he expressed that he was so overwhelmed with the PPP stuff, he didn't have time to look into right now.

So, I bypassed him and went right to the the SBA myself about it. I found out which district office in the U.S. processes those 7(a) loans, went to their website, downloaded their employee roster in that department, with names and extensions, and started calling LOL.

None of the 10 people I called answered their extensions, so I just left a voicemail with each person with a brief description of why I was calling, my name and number, etc.

I'll be honest, I was surprised when a gentleman called me back that afternoon. He was very gracious and helpful. He gave me some basic info and followed up with another call the following day.

The news he gave me is unreal...

He told me that starting May 1st my truck loan will be automatically deferred for 6 consecutive mos. After which the monthly principal & interest will be FORGIVEN for an additional period of six consecutive months!

I'm glad now that I jumped through all the hoops I did back when I applied for the SBA loan.

 

LOL, not exactly...

I am continuing to monitor available opportunities. However, it's pretty slim pickings right now, for some of us, not all of us, I understand that.

I'll keep looking and calling in the interim.