Are you an existing EIDL borrower? Here’s a straightforward guide to help you monitor your EIDL loan status and manage your payments.
Setting Up Your MySBA Loan Portal Account
Registration: Go to the MySBA Loan Portal and click on ‘Register for MySBA‘.
Enter Details: Fill in your personal information and security questions. Remember, you’ll need your SBA Loan Number (not the Application Number). After completing the registration, you’ll receive a verification email.
Access Your Account: Log in with your new credentials to view your SBA loan details.
The portal allows you to check your balance, make payments, and view statements for your EIDL loan and other SBA-related payments.
Setting Up Recurring Payments for Your EIDL Loan
Start at pay.gov: Create an account and activate it through the verification email.
Complete Account Setup: Follow the email link to finalize your pay.gov account setup.
Log In: Use your new pay.gov credentials.
Payment Initiation: Opt for ‘SBA 1201 Borrower Payment’ on the site or [click here].
Form Preparation: Read the preliminary information, then proceed to fill out the SBA Form 1201. Specify your desired payment frequency and method (ACH, PayPal, or debit card).
Set Recurring Payments: During the form process, opt to set up recurring payments.
Finalize Your Setup: Complete the form, review, and submit your recurring payment details.
For assistance, you can call 1-800-659-2955 or email firstname.lastname@example.org.
Requesting Additional Funds: As of May 6th, 2022, the SBA stopped accepting requests for EIDL loan increases or reconsiderations. Only requests made before this date will be considered based on fund availability.
Latest Portal Info: Information updated as of March 20th, 2023.
Stay informed and manage your EIDL loan effectively with these easy steps!