EIDL Emergency Advance and Loan Payment Calculator

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These are the COVID-19 EIDL rates. SBA sets the rate for each disaster declaration subject to the 4% ceiling in 13 CFR 123.302; current declarations run at 4% for businesses and 3.625% for private nonprofits.
The EIDL Emergency Advance was calculated at $1,000 per employee, capped at $10,000 (10 employees). Must be 500 or fewer to qualify as a small business.
employees
Check if your business is in a low-income community AND experienced more than 30% revenue reduction. Targeted advance tops up your advance to the $10,000 maximum.
Check if you had 10 or fewer employees AND experienced more than 50% revenue loss. Adds $5,000 on top of the Targeted Advance (combined cap $15,000).
The EIDL loan amount, separate from the forgivable advance. Maximum is $2,000,000.
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SBA sets the term based on repayment ability, up to 30 years. Longer terms lower the monthly payment but increase total interest.
COVID-19 EIDL loans had a 12-month payment deferral. Interest still accrues during deferment and is added to the principal.
Estimated forgivable advancePartial advance: $5,000
$5,000

Amount that does not need to be repaid

Total grant funds (with targeted advances)$5,000
Monthly payment$720.72
Interest accrued during deferment$5,625.00
Effective principal (post-deferment)$155,625.00
Total interest over loan life$109,460.51
Total amount repaid$259,460.51
Annual interest rate3.75%
Collateral requiredYes - required above $50,000
Personal guarantee requiredNot required (loan is $200,000 or less)
Base advance$5,000
Total grant (with targeted)$5,000
Monthly payment$720.72

Estimated $5,000 forgivable advance, $720.72/month loan payment.

  • Your estimated forgivable advance is $5,000, which does not need to be repaid and reduces your effective debt burden.
  • During the 12-month deferment period, $5625 in interest will accrue and be added to your principal, so your repayment balance will be higher than the original loan amount.
  • Over the full loan term, you will pay approximately $109461 in total interest, which is 73% of the original loan amount.

Next stepEIDL program applications closed January 1, 2022 for COVID-19 loans. For non-COVID declared disasters, contact SBA directly at sba.gov/disaster to check current eligibility and apply.

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