What are the Economic Injury Disaster Loan terms? The EIDL interest rate is currently 3.75% for small businesses and 2.75% for nonprofits. To keep monthly payments low, the SBA offers long-term repayment plans to eligible borrowers—up to 30 years. Repayment terms may be determined on a case...
Therefore if you no longer need the cash, it’s better to pay it back early to stop the interest. There’s no prepayment penalty. When no payments are due yet, the SBA isn’t sending any statement or payment stub. If you’d like to pay the loan off, it’s not obvious how much ...