This calculator and tracker are for anyone that took out an EIDL loan during the year 2020.
Note: in March 2021, the American Rescue Plan Act was passed, which allowed an additional deferral of principal and interest payments for another 12 months and also allowed for some EIDL borrowers to receive a second loan. This spreadsheet is fully updated for this new guidance.
This EIDL Interest Calculator and Tracker will help you:
Calculate your new estimated monthly payments after the new Stimulus Bill extended deferral was passed, including the impact of taking a loan increase.
Calculate your total interest paid over the life of the EIDL loan, including the impact of taking a loan increase or making early payments.
Calculate how much making early or extra payments would change the total interest you must pay and how long it would take to pay off your loan.
Track your payments made with your EIDL loan in order to show proof if
ever requested by the SBA.