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Dears;
We were informed by the SBA that we are eligible for up to $150k EIDL loan. Payments start in a year with 3.75% rate for a 30 years term.
We are not sure if we should accept it or not since we don’t need the money now, But we’re uncertain about the future?!
Also, not sure if interest would start accruing immediately or after a year too?!
I would appreciate any advice!
Thank you,
Moheb
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From my point of view, $400 in interest payments per month is not a terrible insurance policy given that banks are tightening their lending standards. More importantly, we don’t know how long this downturn in economic activity will last. Most people are taking the loans now knowing that in a few months they can decide what to do, etc…worse case, they simply pay it back in a few months…
Thank you for your prompt response!