Keyword Analysis & Research: eidl loan forgiveness update

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Frequently Asked Questions

Do you have to pay back an EIDL loan?

Yes, the short answer is that both regular and COVID-19 EIDL loans do need to be repaid. However, the SBA has offered a deferred repayment schedule for some terms. Additionally, some EIDL advances are structured as grants that don’t need to be paid back. EIDL loans and EIDL advances are not handled the same way when it comes to loan forgiveness.

Will EIDL loans be forgiven eventually?

There are two parts to the current EIDL program: loans and grants. The loan — which can be as high as $2 million — is generally not forgivable. You’ll need to repay an EIDL loan. There is also one exception to the main loan to keep in mind.

How to pay off your SBA EIDL loan? – Processes payments for the US Treasury. Representatives at this site do no have access to any of the SBA loan information, such as loan interest and any due dates. Use this website to set up a one time payment or recurring payments. You will need the SBA Loan Number to access this website, not the application number.

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