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Coffee Shop
Small business loan.
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<blockquote data-quote="504RP" data-source="post: 1680731" data-attributes="member: 40335"><p>A friend of mine has chicken, houses,cattle and a small trucking business. </p><p></p><p>He told me his banker called him and told him that he should come apply for the small business loan program that the government has sit up because of Covid 19.</p><p></p><p>The banker told him it was a loan that he wouldn't ever have to pay back ? $ 21,000.</p><p></p><p>Told another friend about it. He said he knew of someone else we both know that got the same kind of loan. That person also has a few cows. I called and ask him about it to see if it was true. He confirmed it was. And told me you don't pay interest or nothing on the loan ? He banks at the same bank I do.</p><p></p><p>Yesterday I talked with a loan officer at my bank to see if it was true. And it was. She said it started sometime in April. Said when it was only offered to small businesses but because there was still funds left to loan out. Toward the end of April that offered the money for farmers also.</p><p></p><p>Loan officer said there were two ways you could apply. One was to borrow the money at 1 % interest and even at the loan officer said she has never seen a loan like that. That wasn't forgiven and the borrower wouldn't ever pay it back.</p><p></p><p>Or you could apply for it only if it was agreed that the borrower wouldn't have to pay it back before the loan was approved ?</p><p></p><p>I don't see how that could even be considered a loan ? She said the program ended May the 4 th.</p></blockquote><p></p>
[QUOTE="504RP, post: 1680731, member: 40335"] A friend of mine has chicken, houses,cattle and a small trucking business. He told me his banker called him and told him that he should come apply for the small business loan program that the government has sit up because of Covid 19. The banker told him it was a loan that he wouldn't ever have to pay back ? $ 21,000. Told another friend about it. He said he knew of someone else we both know that got the same kind of loan. That person also has a few cows. I called and ask him about it to see if it was true. He confirmed it was. And told me you don't pay interest or nothing on the loan ? He banks at the same bank I do. Yesterday I talked with a loan officer at my bank to see if it was true. And it was. She said it started sometime in April. Said when it was only offered to small businesses but because there was still funds left to loan out. Toward the end of April that offered the money for farmers also. Loan officer said there were two ways you could apply. One was to borrow the money at 1 % interest and even at the loan officer said she has never seen a loan like that. That wasn't forgiven and the borrower wouldn't ever pay it back. Or you could apply for it only if it was agreed that the borrower wouldn't have to pay it back before the loan was approved ? I don't see how that could even be considered a loan ? She said the program ended May the 4 th. [/QUOTE]
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