SBA EIDL Loan Repayment Strategies
The SBA is allowing deferments on EIDL COVID loans for 30 months. I think this is a BAD IDEA.
Interest is accruing. And even though the rate is only 3.75% for many people with large loans, this could mean a LOT of money. (On a $100k loan, it’s ~$312 monthly in interest. Do your own math here.)
Here are my thoughts on why you should be making payments NOW:
DO THIS:
- Set up an account to see your loan balances here: https://Caweb.sba.gov
- Make payments on your loan here: https://pay.gov
- Take my Cashflow Planning Class to plan out your loan payments.