EIDL Repayment Update

Fluence previously sent a blog about the EIDL Loan and some potential problems it might have for your and your business. https://www.fluenceportland.com/consulting/the-eidl-may-not-be-a-good-loan-for-the-practice

If you have determined that you do not want to keep EIDL money, we have instructions on how to pay the EIDL money back to the SBA. This is done through the government website and an electronic payment. Paying EIDL money back is not done through your bank. Your bank works with you on your PPP loan, not the EIDL loan.

Instructions for paying back EIDL money:

  1. Go online to: pay.gov
    1. In the middle of the page find the section titled: Make a SBA 1201 Borrower Payment
      1. Click on: Pay it right here >
    2. Click on: Continue to the Form
    3. Fill out the Agency Form making sure you use the same information you used for completing the EIDL application
    4. Click On: Continue and confirm the amount you are paying.  Make sure you are including only the EIDL loan portion and not the EIDL Grant money (up to $10,000 or $1,000 per employee).
    5. Select the payment method.  We recommend Bank Account (ACH) – You will have to provide the business bank account number and routing number.

Comments (1)

  1. Tim says:

    I have submitted the EIDL loan portion through the pay.gov, but I am unable to find out if there is an accrued interest amount payable. After waiting on the phone for an hour and 30 minutes, the SBA person transferred me to another number with an estimated wait time 2 hours and 30 minutes.

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