I’ve seen it time and time again — Joe Businessowner starts making payments to his Economic Injury Disaster Loan (EIDL) before it’s required in an attempt to chip away at the principal early. The problem is, after registering at the Small Business Administration’s Capital Access Financial System, Joe sees every payment he’s made has gone solely to interest, making zero progress toward the total loan.
Unfortunately, this is an all-too-common story. As a bookkeeper, I began noticing that my clients didn’t know their EIDL account information when I asked. They had questions like:
- How much do I owe on my EIDL as of today?
- How fast is my EIDL interest accumulating?
- Is there a way to get an EIDL monthly statement?
- Can I start making EIDL payments now even though I don’t have to?
- Is there a way to pay EIDL electronically?
But I couldn’t answer any of them without seeing the online account information. Like Joe, simply registering through the SBA’s system provides borrowers with the account information they need to pay off all accrued interest, set up monthly payments, and make progress toward eliminating the debt.
I cover this entire process with step-by-step instructions in our EIDL Online Portals Micro-Course. All it takes is about 30 minutes and an EIDL loan number. Don’t have it handy? I’ll walk you through how to retrieve it.
By the end, you’ll be left with up-to-date account screenshots to share with your bookkeeper and a plan for knocking out your entire EIDL loan with regular monitoring. Bookkeepers and CPA’s – stop repeating yourselves. Forward the course link to your clients- saving yourself time and getting your clients on track. Affiliate sales relationships available for all courses, please inquire.
Don’t get caught in the EIDL payment cycle — know before your interest starts to grow. Take our 30-minute EIDL micro-course today to get on the right track!
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