[EIDL Update] If your organization received a COVID Economic Injury Disaster Loan, read this important update!
Plus: Our recommendation on EIDL repayment
The Basics:
COVID-related EIDL funds are exhausted. The Small Business Association is not accepting additional requests for increases or reconsiderations.
To view your EIDL details, you must sign up for an account here: caweb.sba.gov.
Keep your address up-to-date for mailed payment notifications.
EIDL payments can be made here: https://www.pay.gov.
If your business closes, notify the SBA at (833) 853-5638.
Our Recommendation for EIDL Repayment:
Pay off this loan as soon as comfortably possible for your organization to avoid a loan maturity balloon payment! At the least pay the accruing interest on a regular basis.
HERE'S WHY:
Although loan payments are deferred for 30 months as of March 2022, interest is still accruing daily. The documents you find on your account at caweb.sba.gov will show you the daily interest accruing.
If you don't make a payment during the 30-month deferral period, and you only make regular monthly payments for the full 30 years of the loan, you will have a sizeable balloon payment at the end of the loan!
