EIDL — Smart Financial Analysis
Calculate Economic Injury Disaster Loan payments, total cost, and amortization schedule. Project your EIDL payment with SBA rates (3.75% businesses, 2.75% nonprofits).
Why This Matters for Your Finances
Why: The EIDL is an SBA program that provides low-interest, long-term loans to small businesses, agricultural cooperatives, and nonprofits suffering economic injury from declared dis...
How: Enter Loan Amount ($), Interest Rate (%), Term (Years) to get instant results. Try the preset examples to see how different scenarios affect the outcome, then adjust to match your situation.
- ●EIDL loans typically have 30-year terms with fixed interest rates.
- ●EIDL is a loan that must be repaid (with favorable 3.75% rates).
- ●The EIDL advance was a $1,000-per-employee grant (up to $10,000) that did not need to be repaid.
- ●For businesses, the EIDL interest rate is 3.75% (fixed).
Example Scenarios — Click to Load
Loan Details
Payment Schedule - Remaining Balance Over Time
Total Cost Breakdown - Principal vs Interest
Monthly Payment Comparison - Example Scenarios
Amortization Schedule - Principal vs Interest (First 10 Years)
⚠️For educational purposes only — not financial advice. Consult a qualified advisor before making decisions.
💡 Money Facts
EIDL analysis is used by millions of people worldwide to make better financial decisions.
— Industry Data
Financial literacy can increase household wealth by up to 25% over a lifetime.
— NBER Research
The average American makes 35,000 financial decisions per year—many can be optimized with calculators.
— Cornell University
Globally, only 33% of adults are financially literate, making tools like this essential.
— S&P Global
The SBA's EIDL program distributed $390 billion to 3.9 million businesses during COVID-19 — the largest disaster lending program in US history. At 3.75% for 30 years, EIDL offered incredibly favorable terms. Repayment began 30 months after disbursement. Many businesses now face their first full year of payments. This calculator projects your EIDL payment schedule and total cost.
What is the Economic Injury Disaster Loan?
The EIDL is an SBA program providing low-interest loans to small businesses, agricultural cooperatives, and nonprofits suffering economic injury from declared disasters. Unlike physical disaster loans for property damage, EIDL addresses lost revenue and working capital needs.
EIDL Repayment Terms
EIDL loans have fixed rates (3.75% businesses, 2.75% nonprofits) and terms up to 30 years. COVID-19 EIDL repayment began 30 months after disbursement. There are no prepayment penalties. Use this calculator to project your monthly payment and total cost.
EIDL vs PPP
EIDL is a loan that must be repaid; PPP was forgivable if used for payroll. EIDL offered larger amounts (up to $2M) and broader use for working capital. Businesses could receive both programs. EIDL rates are far below market — 3.75% vs typical 7–12% for business loans.
EIDL Advance (Grant)
The EIDL advance was a $1,000-per-employee grant (up to $10,000) that did not need to be repaid. It was separate from the loan. The advance program was discontinued after initial COVID-19 relief phases.
EIDL Interest Rates
Businesses pay 3.75% fixed; nonprofits pay 2.75%. These rates are set by the SBA and are significantly below market. Interest accrues from disbursement. The calculator uses these rates to project your payment schedule.
Is EIDL Forgivable?
No. Unlike PPP, EIDL loans must be repaid in full. The EIDL advance (grant) did not need repayment. The low rates and long terms make EIDL very affordable — a $150,000 loan at 3.75% for 30 years costs about $695/month.
Monthly Payment Formula
Payment = Principal × [r(1+r)^n] / [(1+r)^n − 1], where r = monthly rate, n = number of payments.
Key Takeaways
- • EIDL distributed $390B to 3.9M businesses during COVID-19
- • Fixed rates: 3.75% (businesses), 2.75% (nonprofits)
- • 30-year terms, no prepayment penalties
- • EIDL is not forgivable — must be repaid