Are you Ready? EIDL Borrowers – Take Note!
Tuesday, July 12, 2022
The Small Business Administration (SBA) approved 5,694 Economic Injury Disaster Loans (EIDL) in Wyoming, totaling more than $600,000,000. The operative word is loans. Businesses that received one of these loans need to be preparing now for payments that begin in the not so distant future; are you ready?
The SBA has a system, the Capital Access Financial System (CAFS), for tracking loan information such as loan balance, interest amounts, and payment dates. Borrowers can gain access to the system following the instructions provided here: CAFS account enrollment and access – instructions for borrowers. Additional information regarding managing your EIDL loan can be found here: Manage your EIDL. The actual EIDL loan payments are made via www.pay.gov using the online SBA Form 1201 – Borrower Payment. Check out and bookmark these sites.
The Wyoming SBDC in collaboration with the SBA Wyoming District Office will also hold a virtual informational and training session on August 4 from Noon to 1:15 PM. Registration is already available is open at: https://attendee.gotowebinar.com/register/293726159291458574
The EIDL program is a loan program with a 30-year maturity and an interest rate of 3.75% for most borrowers. Under the COVID disaster declaration and subsequent extensions, COVID-EIDL loan payments are deferred for two years with principal and interest payments required over the remaining 28 years. SBA began approving COVID EIDL applications in March 2020. For those early loans, the end of the deferment period is rapidly approaching, and the first payments will be due this fall. If you, as a business owner, haven’t already started preparing to make payments (figured this loan payment into your cash flow), the time has come.