If you are trying to pay the loan off, enter the payoff amount you got from SBA CAFS (you can also make a partial payment). The soonest payment date is the next business day. That’s why if you are trying to pay it off, you need the latest payoff amount during the working hours ...
If you do that, then you book the interest expense before the payment is made which is incorrect for cash basis accounting. Just create either an Expense or Check transaction in QBO (no journal entry needed) when you make a payment on the loan. As...
Repayment terms may be determined on a case-by-case basis and depend on each borrower’s ability to repay. The SBA is not charging upfront fees or early payment penalties. Loans over $25,000 may require collateral. The SBA is unlikely to decline a loan for lack of collateral but ...