In Mid-April of 2020, the Small Business Administration had administered their SBA EIDL loan program. Granting funding to numerous businesses affected by the Covid-19 pandemic.

This loan program does require remittance of payment unlike the PPP loan where the loan was forgivable. For this particular  loan, a payment deferment period of 30 months was issued from the original date of your first round of funding through the SBA. 

If it has been 30 months since you received your initial round of funding through the SBA, it's time to start making your payments. You have 30 years to pay back the SBA for the EIDL loan proceeds you received at an interest rate of 3.75%. You should have received a notice in the mail from the SBA with instructions on making your monthly payments.

 If not here is a direct link to Make a payment to SBA, that allows you to sign up to the SBA’s CAFS system and start making payments. 

If you would like to have Diapoules & Feinstein CPA’s PC sign you up on the CAFS system and set your business up on an auto payment schedule, we certainly can help. There will be a fee for our services for setting you up on the SBA CAFS system and to set up the auto payment schedule. 

Regarding the SBA EIDL Loan payments, please contact us with any questions or concerns you may have.