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Loan calculation

Check Your EIDL Status: Your Future Loans May Depend on It!

What is your EIDL Status?

During the onset of the COVID pandemic, many business owners took advantage of low cost loans offered by the Small Business Administration (SBA), called Economic Injury Disaster Loans or EIDL. These were long term loans at a very low interest rate, intended to keep businesses operating.

If you have an EIDL on the books, it is critical that you are making the regular monthly payments. Even more critical is that every person who is even a partial owner in a business with an EIDL must confirm that their loan is current. You can use this link to confirm your EIDL status: Check here

GRP President Rick Patel and Managing Director Krishan Patel both have worked closely with clients whose EIDL status was not current.

Rick mentions, “There is almost nothing that is more detrimental to future loan eligibility than having an EIDL that is not current.”

Krishan states that responsible business people “must be proactive and check on any EIDL that has their name attached” before seeking out future financing.

What to Know and Do about your EIDL Status

  • Make sure you keep a current list of every business that you own (fully or partially) in which you received an EIDL.
  • The SBA portal can be utilized to check on the status of each EIDL loan. However, if there have been multiple partners or owners of a business that sought out a loan, you need to determine who set up the portal and the login information (user ID and password).
  • Within the SBA portal, you can see if the loan is current or not.
  • If your EIDL status is not current and shows either a default or even worse a charged off status, you must address this right away.
  • You cannot obtain future SBA loans (including 7(a) and 504) if your EIDL status is anything but current.
  • Please allow sufficient time to repair your EIDL status. First, find out the amount needed to get your loan current. Then continually communicate with the SBA to ensure that the portal status changes.
  • The SBA portal allows you to download EIDL documents, which might be requested by lenders, particularly the loan agreement.

Best business practice tip: Maintain Business Debt Schedules

  • Maintain a business debt schedule for every business you own (even if you are even a partial owner).
  • Each business debt schedule should list every loan for this business, the monthly payment, the date of the loan and when it will mature, the interest rate, the original loan amount and the current balance.
  • For real estate mortgages, also include the original cost to purchase the property and the current market value (your best estimate).

Whether you’re purchasing, refinancing, or building from the ground up, our extensive network of lenders ensures you’ll find funding that aligns with your goals and cash flow needs.

Here’s what sets us apart:

  • We save you time by researching and identifying the best funding options for your project.
  • Our expertise spans various loan products—including non-recourse loans, SBA loans, bridge loans, and conventional financing—so you can navigate even the most complex transactions confidently.
  • Beyond lending, we provide strategic guidance on operational decisions that drive long-term business success.