The E.I.D.L. loan, a long program now it seems in our history, has some upcoming important deadlines you need to be aware of. If you have an E.I.D.L. loan, please log into your original portal through the S.B.A. and download your loan documents.
That portal will be going away on May 16, 2022, and you will no longer have access to it or anything in it. So please log in there and download those documents for your records. Part two, as you need to set up a portal through the S.B.A. payment system so that you can log into the loan, you’ll be able to see the loan and how much interest has accrued. You won’t see those original loan documents, but you will be able to see the balance and the amounts and set up your payment structure there.
So please do that at the same time. Payments will start after 30 months since the first distribution of your loan. So that deadline is coming up for a lot of folks, probably the second half of 2022. Those payments will begin unless we have any new deferments, which I don’t expect at this point. The current interest rate is 3.75, and remember that interest has been accruing this whole time. Even though you haven’t been making payments, the interest is still added to the balance of the account. So please check that out, get your plans in place for making your payments later this year and make sure that you set up a reminder through that new account to tell you when those payments are due and mark your calendars.
The E.I.D.L. funding has run out for any new applications. So no new applications are allowed. If you have an application in process, there may or may not be still funding available for that. We’re waiting to hear back.
I’m Donna Bordeaux with PYOPAccounting.com. Please follow us on Facebook and Instagram. Make sure you check out our blog and our website from the link below. Subscribe to our YouTube channel and hit the bell to be notified when we post. To contact me, email me at donna@pyopaccounting.com.
Donna Bordeaux, CPA with PYOPAccounting.com
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