SeymourDumore
Diamond
- Joined
- Aug 2, 2005
- Location
- CT
Guys, this is a question for those who have an SBA 504 loan for business property ( specifically land and building ) that is set up as
a partially federal + partially local lender loan.
***(If you have direct knowledge of the program, please, just skip to the end of this longass post for the question. )***
I have an inherited* SBA-504 loan on my building that is set up as 40% of the load is the government, 60% is a local bank (lender).
According to this federal link: SBA Debt Relief
the program is not something you apply for, not something you sign up for, not something you ask for.
Rather it is automatic to all SBA 7(a) and 504 loans that are in good standing and in serviced condition.
My loan qualifies for all of that criteria, but as usual - I don't even bat an eye anymore - I have fallen through the cracks and for me everything remained the same.
The payments are set up as an automatic direct withdrawal from my bank account on the very same day of every month.
As per the link, starting March 27 of 2020 all SBA 504 loans will be paid by the federal government, and they will make 6 monthly payments as part of the debt relief program.
And yet, on the fourth day of every month since, there is a direct draw from my checking account from both, the SBA and the local bank.
I have not received one single call, E-mail or any notice that I am qualified ( again, this is not something you apply for, it's automatic )
So, I have called the SBA and got to talk to a person who has unequivocally told me that my loan is absolutely is a 504 loan and is fully compliant for the program.
Unfortunately she was unable to assist me with the details as the loan is originated from a different SBA office and I have to contact their representative directly.
That, I have done. I have left 3 separate messages in the last 8 days, so far no reply but will keep at it.
At the same time, I did get ahold of the local bank's rep, and was told that the program does not apply to their portion of the loan, and
as far as they are concerned everything remains the same. Loan payments are collected from me and are paid as if nothing has happened.
So, here are the specific questions to those with DIRECT KNOWLEDGE:
1: Has your SBA portion of the loan been paid automatically AND you have not had any deduction from your account for that?
2: Has the independent lender portion of your loan been paid automatically AND you have not had any deduction from your account for that?
Thank You
a partially federal + partially local lender loan.
***(If you have direct knowledge of the program, please, just skip to the end of this longass post for the question. )***
I have an inherited* SBA-504 loan on my building that is set up as 40% of the load is the government, 60% is a local bank (lender).
According to this federal link: SBA Debt Relief
the program is not something you apply for, not something you sign up for, not something you ask for.
Rather it is automatic to all SBA 7(a) and 504 loans that are in good standing and in serviced condition.
My loan qualifies for all of that criteria, but as usual - I don't even bat an eye anymore - I have fallen through the cracks and for me everything remained the same.
The payments are set up as an automatic direct withdrawal from my bank account on the very same day of every month.
As per the link, starting March 27 of 2020 all SBA 504 loans will be paid by the federal government, and they will make 6 monthly payments as part of the debt relief program.
And yet, on the fourth day of every month since, there is a direct draw from my checking account from both, the SBA and the local bank.
I have not received one single call, E-mail or any notice that I am qualified ( again, this is not something you apply for, it's automatic )
So, I have called the SBA and got to talk to a person who has unequivocally told me that my loan is absolutely is a 504 loan and is fully compliant for the program.
Unfortunately she was unable to assist me with the details as the loan is originated from a different SBA office and I have to contact their representative directly.
That, I have done. I have left 3 separate messages in the last 8 days, so far no reply but will keep at it.
At the same time, I did get ahold of the local bank's rep, and was told that the program does not apply to their portion of the loan, and
as far as they are concerned everything remains the same. Loan payments are collected from me and are paid as if nothing has happened.
So, here are the specific questions to those with DIRECT KNOWLEDGE:
1: Has your SBA portion of the loan been paid automatically AND you have not had any deduction from your account for that?
2: Has the independent lender portion of your loan been paid automatically AND you have not had any deduction from your account for that?
Thank You