Financial experts advise don't 'go dark' on lenders, creditors - FOX34 Lubbock

Financial experts advise don't 'go dark' on lenders, creditors

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LUBBOCK, Texas -

Bills that are now coming due are a concern for many who've lost their jobs. Financial experts advise not to go dark on lenders.

President of ABC Bank James Arnold said many mortgage lenders, apartments and car creditors will work with you. They can defer or reduce payments until you're able to get back to work. 

Foreclosure are blocked and utilities will stay on, so Arnold said people should focus on feeding their families.

"The government's trying to help, I think lenders are trying to help, utility companies are trying to help, cities are trying to help -- so everybody's in this together, working together to try to find 'how do we get through this period?' We anticipate it's going to be temporary, but those bills are going to come due," Arnold said.

Along with the government's checks being sent directly to workers, small businesses can now also apply for the Payroll Protection Program. It's an eight-week loan entrepreneurs can apply for to prevent furloughs or layoffs.

Only businesses with 500 or fewer employees can apply. As long small businesses maintain the same number of employees from February 15 to June 30 they can get those loans at any federally insured bank, with no collateral since it's backed by the Small Business Administration.

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