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Economic Injury Disaster Loan Repayments
If your small business set up an Economic Injury Disaster Loan (EIDL), whether related to a natural disaster or COVID-19, it’s important that you set up repayments as soon as possible to avoid penalties and fees. You may set up your payments at this link.
You can easily set up recurring payments so that you pay back a specified amount monthly and don’t have to remember to do it. Visit this site to set it up and for more information.
In March, the Small Business Administration (SBA) extended the due date for the first EIDL loan payment from 24 months of loan origination to 30 months. For example, if your EIDL originated May 1, 2020, you now have until November 1, 2022 to make your first payment.
COVID-19 EIDL Loans have a 10-digit loan number. EIDL loans were initiated by completing an application through the SBA website. This type of loan is between the borrower and SBA directly. COVID EIDL loans are not eligible to be forgiven.
o Partial payment instructions: If you want to make a partial or installment payment, please pay using the 1201 Borrower Payment form. Enter your 10-digit EIDL loan number in the SBA Loan Number field and the amount you would like to remit as payment.
o Full repayment instructions: If you want to repay your EIDL loan in full, you are responsible for all daily accrued interest and the repayment of any Uniform Commercial Code (UCC) fees paid. Request a payoff amount prior to submitting payment on this 1201 Borrower Payment form by contacting the Service Office listed on your monthly 1201 Borrower Statement.
If you need assistance with understanding the loan repayment schedule, contact us at: 703-802-2309.
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