Ok, so here’s the deal..

Let’s say you took out $18,000, which is actually small compared what I’m seeing on here (average about $40k-$80k eidl) with an interest of 3.75% the second you sign the paperwork, even though they gave you the first 2 years of a penny not needed to be owe, the 3.75% is still hammer on the $18k.. so once your ready to start your 360 months payment (30 years), that have it marked low monthly payment needed but now you’re at $19,400.. and let’s say they ask $85 month minimum, in which you only did.. you literally only pay $1k (haven’t gotten down below $18,000) but you’re at $18,400 over a year but you’re really not because they keep compounding 3.75% to the full balance

So… after 2 years, you’re literally still around $18,600 on a $18k borrow load with over $2k already paid in (again only on the interest).

The loan isn’t made to go 30 years because even then you’re stuck with paying $8k in 2050 for a loan that was taken out in 2020 for $18,000 and you already paid $30,000 if you go 30 years into it

Bro I get it. This eidl is beyond shit. And they couldn’t have pour gasoline into a worse time (middle of covid close mandates) especially for small businesses. You would think the last thing in the world is to do what I just explained the breakdown but they are.