Is There a Prepayment Penalty on EIDL Loans?
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Are There Prepayment Penalties on EIDL Loans?
Benefits to Paying Off Your EIDL Loan Early
Other SBA Loans That Do Have Prepayment Penalties
During the first year after disbursement: 5% of the amount of the prepayment During the second year after disbursement: 3% of the amount of the prepayment During the third year after disbursement: 1% of the amount of the prepayment
Are There Prepayment Penalties for the PPP Loan?
Is an EIDL Loan Forgivable?
How Can You Pay Back an EIDL Loan Early?
Paying Off Your EIDL Loan by Mail
10-digit SBA loan number Business name Borrower’s name Borrower’s address Tax ID/EIN/Social Security number Account number
Paying Off Your EIDL Loan Online
Tax Implications for EIDL Advances and Loans
The Takeaway
Frequently Asked Questions
Photo credit: iStock/Nuthawut Somsuk
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About the Author
Su Guillory is a freelance business writer and expat coach. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.
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