EIDL Payment Deferral

While most people know that the EIDL loan’s first payment was automatically deferred for 30 months from the date of the loan, you might not realize that your interest begins to accrue from the origination date of the loan. That additional interest will be added to the principal balance if you do not make any payments between your loan date and the end of the deferral period. If you do not want that to happen, you can start paying your interest now through www.pay.gov. To find out how much your loan balance currently is, along with the accrued interest, you need to log into the SBA’s “Capital Access Financial System” (CAF) website. However, for some unknown reason, nonprofit organizations cannot register with the CAF system. We understand that the SBA is working on this issue. To find out how much interest you owe to date, you need to call 800-736-6048. If you get caught up on your interest by making a payment and want to pay monthly to stay current, you can calculate the following: your loan balance x 2.75%/365 x the number of days in the month. To get a paper backup to support your payments, you will have to call that 800 number, and they will send you a statement. We will check back with SBA in a few months to see if they have corrected the current nonprofit login issues.