EIDL Loan Update - How To Pay Back Your EIDL Loan! - YouTube

Hey what's going on everybody? Today is Thursday

September 3rd. Today i'm going to be talking about how to pay

your EIDL loan back or make payments on it,

whatever it is you want to do. As you know the EIDL

has deferred payments for a year however, in that time you're still accruing

interest. So you know, it might be a good idea to start paying it back

sooner than later. And you, I think personally, I think it's worth paying

back sooner than 30 years, you know, the term

of the loan. So if you just got the EIDL loan you might

you might not know what to do, or might not know

how to pay it back, or what to look for but I'm going to walk you through the

process right now. Because one of my clients just

received a statement from the SBA about their EIDL loan and it's got

instructions on it on how to pay and everything. So let's walk through that

right now. Okay so here you can see the statement

from the SBA. I've redacted the loan number and the company name and

everything but you know, the statement's dated

August 27th, the installment amount is $731,

that means that this person or this business has a principal balance

of $150,000. Alright so we

scroll down a little bit it says here "This is a reminder that beginning

June 15, 2021 a payment of $731 will be due on your SBA disaster loan."

okay. And down here, "Your loan is in deferment status.

No payment amount is currently due, however, interest

is accruing on the amount you have received.

You may voluntarily make payments which will reduce the amount of interest that

will accrue before your payments are scheduled to begin.

Use the attached coupon and return envelope to make a voluntary payment.

If you have any questions please call this number." So

you can use this voucher to make any payments or you can actually go

online and make it there, which is probably the preferred way to do it.

So here, in this little box here, it says "To make your payment online you go to

this website www.pay.gov." So let's go check that out.

So here we go, at pay.gov it says to look for the 1201 borrower

payment, so it's pay it right here alright.

So right here an important thing to note

EIDL loans have a 10-digit loan number. EIDL loans were initiated by

completing an application through the SBA website.

The loan is between the borrower and the SBA only, and the another thing I want to

point out is that the loan number is different from the application number

that you received when you first applied for the loan. So

the loan number would be on this statement right here.

And if you haven't received a statement yet

it will be on the final documents that you signed

when you first sign for the loan. The contract that you signed, your loan

number should be on there as well. So in order to get that you just want to

access the portal that the SBA sent you using your

username and login and you know you can view the documents

at the bottom there in the portal.

Alright so let's go to "continue to the form"

Here we do the borrower name,

let's make up this.

Okay, SBA loan number, let's also make up an

account number and the payment amount, let's say

$731 is the payment amount alright. So let's hit "continue".

It's going to ask "You entered this much is this okay?" Click OK.

And here you're going to want to pick one of these options -

bank account might be the option with the least amount of fees

so I'm just going to choose bank account.

Alright, payment day, I'm just going to choose the earliest payment date.

Make sure this account holder name matches what's on your actual checking

account or savings account alright.

That's a Wells Fargo routing number and then let's

make up an account there. So when you enter your routing account number, double

check that, make sure it's correct so it goes

through properly. And then last thing you're going to do is hit

"review and submit payment". Here it's going to go

to this, it's going to confirm your email address, if you want to cc

this confirmation to anybody, and right here is an authorization and disclosure

statement. Basically saying "hey you authorize us

to take this payment from your checking account"

if you agree you hit "submit payment" right here,

and your payment will go through, and you'll

go to the next screen which is the confirmation screen

okay. And you'll get an email with the confirmation as well.

So this is one way that you will be you know,

making payments on it, or paying it back, or what have you.

I definitely recommend you paying it back sooner than later

because you just don't want to be under that choke hold of the SBA

for far too long. I know the loan term is 30 years.

They can request financial statements or what have you in the meantime,

they can check on your distribution, they can check on your assets,

whatever it is they have to do, they can do that in the meantime. So

that's why I recommend paying it back sooner than later.

Some people have asked me if you can just

give the money back. And if you want to, this is how you do it

but, I would double check with the SBA first to see what your payoff amount is

okay. Because your payoff amount because, since you've been

accruing interest, even though you haven't been making payments you've been

accruing interest. So you want to figure out how much

interest you've accrued on top of your principal

to make your payoff. So that's something to contact the SBA for

is your payoff amount. Another thing to keep in mind is that

the EIDL loan won't affect your PPP at all.

However, the EIDL grant, if you did receive one, will

affect the amount of forgiveness of your PPP.

So that's just something to keep in mind. Like I don't think they're going to

make you pay the grant back but they're going to make you pay the PPP back,

a portion of it, if you received the grant. People also ask me if I think

the EIDL loan will be forgivable? And at this point I

have no reason to believe that it will be

okay. I think there's been rumors, there's been talks

but there's no bills that have been introduced, not

nothing like that. So there's no solid evidence or

solid reasoning for me to believe that the EIDL loan will be forgivable.

Be sure to watch my other videos to see how you can spend the EIDL loan. How you

can use it. I have some great content on that and

also reach out in the comments below if you have any questions about anything.

I'll do my best to answer them. And if you're new here, I'd appreciate it

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and share this video with your friends and anybody who you think

might benefit from the information from this alright.

So that's all I've got. Take care for now and stay safe.

you