I paid off my EIDL loan! Walk through a $20,000 repayment on pay.gov of federal EIDL loan

Did you get an EIDL loan? Has it been sitting untouched for a while, and you aren't sure if you want to pay it back or not? Well, I decided that I didn't need by EIDL loan, so I decided to pay it back to the SBA and stop accruing interest on the money.

You should know the EIDL loan IS NOT FORGIVABLE. It must be repaid in the 30 year schedule or earlier. The interest rate is 3.75%. All payments are deferred for a year, but I didn't want to wait a year to repay this thing.

Cash flow forecast mentioned in the video: https://claracfo.podia.com/cash-flow-...

Find Small Business PPP Resources here: http://learn.claracfo.com/
To book a time to talk about your PPP Loan go here: https://claracfo.as.me/claritysessions
Find us at: https://claracfo.com/

💲 Need an accounting system? We use Quickbooks Online with clients and recommend it as the best accounting system for small businesses. Sign up to get a discounted subscription for 12 months! https://claracfo.com/QBO

🙋‍♀‍Got Employees? Need a payroll company that knows what small businesses need? We recommend Gusto as the best small business payroll provider. Sign up for $100 gift card after you run your first payroll: https://claracfo.com/gusto

💸Pay vendors any way they want and get paid faster! Accept credit cards without paying merchant fees! Melio is a fantastic payments solution for every small business! https://claracfo.com/melio

(As an affiliate or referral partner for these companies, I may earn rewards from qualifying purchases)

Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Clara CFO Group, LLC or its members cannot be held liable for any use or misuse of this content.