sba loan

Discussion in 'Trucker Taxes and Truck Financing' started by 4noReason, Jul 12, 2020.

  1. 4noReason

    4noReason Road Train Member

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    im hearing about people taking out a disaster loan. it comes with a 3.75% interest rate. wouldnt it be wise to take it if someone had a truck loan. its kind of like refinancing. but through the gov
     
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  3. 062

    062 Road Train Member

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    @Scooter Jones has a thread in the O/O section about the government loans.
     
  4. Confused

    Confused Light Load Member

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    On the EIDL loan from SBA you cannot use it to refinance or buy new equipment. It's for running expenses, yes you can use it to make a truck payment but not refinance.
    3.75% interest for 30 years your first year of the loan is free from making payments. No penalties for paying loan off early.
    You must have a bank account in your business name, they will not deposit the money into a personal bank account.
    Whole process from applying to money going into your account takes less than a week.
     
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