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In this episode, we talk about some things you need to consider when paying for your COVID-19 Economic Injury Disaster Loan (EIDL). Funded by the Small Business Administration (SBA), the EIDL was one of the ways to help small businesses take care of their cash flow needs related to their business operations.
If you're just sitting there on your SBA money, and you didn't use it, now is absolutely the time to figure out whether you need to keep it. Otherwise, you should likely consider paying it back if you're not going to use it in a way that's going to earn more than what the interest is costing you.
For those businesses that took advantage of this opportunity, the bills are coming due. They've delayed it several times so there has been some confusion on the due dates. People have started getting email notifications. In their last email notification around mid-April, they stated they had deferred payments for another six months.
Since the interest rates are so low, the payments are extremely reasonable considering its 30-year payment schedule too. So it shouldn't hurt the bank account of small businesses too much if you’re getting ready to book a loan repayment.
In this episode, you will hear:
- Requesting an increase in your EIDL loan as a second loan
- How to check your balance on your SBA EIDL loan
- When to start making payments
- No prepayment penalty for EIDL loans
- What happens if you miss a payment
- Getting other loans when you have an SBA EIDL loan in place
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