EIDL Loan Repayment Guide: What Small Business Owners Need to Know скачать в хорошем качестве

EIDL Loan Repayment Guide: What Small Business Owners Need to Know

If you received an EIDL loan during COVID, now’s the time to revisit your repayment plan. These low-interest, long-term loans were a big help—but smart repayment matters. Check your balance, evaluate how the funds were used, and align your payments with your goals. 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬: ✅ 𝐋𝐨𝐠 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐒𝐁𝐀 𝐩𝐨𝐫𝐭𝐚𝐥 𝐭𝐨 𝐜𝐡𝐞𝐜𝐤 𝐲𝐨𝐮𝐫 𝐛𝐚𝐥𝐚𝐧𝐜𝐞 ✅ 𝐀𝐜𝐜𝐫𝐮𝐞𝐝 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐝 𝐲𝐨𝐮𝐫 𝐥𝐨𝐚𝐧 𝐚𝐦𝐨𝐮𝐧𝐭 ✅ 𝐌𝐚𝐭𝐜𝐡 𝐫𝐞𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐭𝐨 𝐡𝐨𝐰 𝐲𝐨𝐮 𝐮𝐬𝐞𝐝 𝐭𝐡𝐞 𝐟𝐮𝐧𝐝𝐬 ✅ 𝐏𝐫𝐞𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐬𝐡𝐨𝐫𝐭𝐞𝐧 𝐭𝐡𝐞 𝐭𝐞𝐫𝐦—𝐛𝐮𝐭 𝐧𝐨𝐭 𝐭𝐡𝐞 𝐦𝐨𝐧𝐭𝐡𝐥𝐲 𝐛𝐢𝐥𝐥 ✅ 𝐊𝐞𝐞𝐩 𝟔 𝐦𝐨𝐧𝐭𝐡𝐬 𝐨𝐟 𝐜𝐚𝐬𝐡 𝐨𝐧 𝐡𝐚𝐧𝐝 𝐛𝐞𝐟𝐨𝐫𝐞 𝐩𝐫𝐞𝐩𝐚𝐲𝐢𝐧𝐠 https://www.budgetease.biz/ BudgetEase is a bookkeeping service in Cleveland that helps take the pain out of bookkeeping by providing part-time services to small businesses. Whether you need an outsourced bookkeeper to fill a permanent or temporary role, or just need to have your QuickBooks reviewed, our talented team of experts can help. TRANSCRIPT: Hi, I'm Kathy Dise and welcome to another BudgetEase broadcast. Today we're talking about what to do if you received a COVID era EIDL loan from the Small Business Administration. Welcome to the world of Economic Injury Disaster Loans or EIDL. These loans provided by the US Small Business Administration during the COVID-19 pandemic were a lifeline for many businesses. With an interest rate of less than 4% and a maturity of 30 years, they were easy to obtain and incredibly helpful. But now that you've had the funds for a couple years, it's time to dive deep and understand your payment requirements. Let's embark on this journey together. First, head to the SBA website to check your current loan balance. Many of our clients were surprised to find that the one year no interest period had expired, and their loan amounts had increased. Due to accrued interest, don't let the surprise catch you off guard. Find your balance and determine your monthly payment. Make sure to share this information with your bookkeeper to keep your financial records up to date. Next, think about how you use these funds or how you still plan to use them. Do you still need this money? How long do you want to take to repay this loan, whether you prefer A5 year, 10 year, or full? 30 year repayment period. It's essential to match the use of the funds with the payment timeline. For example, if you use the funds to pay off a vehicle or a bunch of vehicle loans with the five year maturities, consider allowing your EIDL loan repayment with that period. Worried about losing the low interest rate on these funds? If you think you might need the money again soon, run a cost analysis. Compare the interest you're paying on the funds you don't need and the cost of borrowing at a higher interest rate in the near future. It might be caught more cost effective to pay down the loan now and borrow again later when necessary. Sustainability is crucial for any business. Before making any prepayments on your loan, ensure you have enough cash to meet unexpected needs for the next six months once you've. Once you've secured your basic cash needs, consider making a lump sum payment on the EIDL loan. While prepayments won't reduce your monthly payment, they will shorten the loan term. Many clients find that the principal and interest payment required by the SBA aren't enough to pay off the loan within their desired term. You can adjust your payments on the SBA website to reduce the loan term. This proactive approach ensures you won't be caught off guard by your loan balance. Don't let your EIDL loan become a mystery. Take a moment now to visit the SBA My SBA Loan portal, check your balance, and make a plan that works best for your organization. By staying informed and proactive, you'll navigate your loan repayment smoothly and keep your business on a solid financial footing. Hey, I hope you enjoyed this broadcast. Happy loan managing. If you have questions about how to manage multiple loans in your bookkeeping process, contact us today.