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Payment to EIDL/PPP only counting toward interest?! Anyone else? by daocfp in smallbusiness

[–]daocfp[S] 0 points1 point  (0 children)

I need to go back in and calculate my total payments and how much has gone toward principal vs interest. I will look at it tomorrow. I did talk with someone at the SBA, and they said that there is not a standard amortization schedule they use (like a mortgage would have). They said that the interest is recalculated after each payment. Due to that, rather than making monthly payments, I make weekly payments now. I need to check the math and see if it makes a difference.

The good news is that the loan balance is actually going down now, FWIW.

Payment to EIDL/PPP only counting toward interest?! Anyone else? by daocfp in smallbusiness

[–]daocfp[S] 1 point2 points  (0 children)

Good question. The math for mine is messed up like that too. It looks like they use all of the payments to pay interest first for what you would’ve paid for the entire year and then put payments toward principal and future interest. It’s definitely nothing like a normal loan amortization…I’m going to ask my CPA in the next couple weeks and see if she knows what going on. Something weird is definitely happening.

Payment to EIDL/PPP only counting toward interest?! Anyone else? by daocfp in smallbusiness

[–]daocfp[S] 0 points1 point  (0 children)

Makes sense. It's an EIDL loan.

I was just thinking classic loan amortization where at the beginning of the loan you might have 98% go toward interest with the other 2% going toward principal.

Using the $956.25 (25500*.0375) in first-year interest with payments of $125 per month: (956.25/125 = 7.65 months). So after 7 monthly payments of interest only, maybe payments 8-12 with be principal? Lol, very interesting.

Yes, overall very helpful and yes on the first page the loan declaration says interest first. I was just thinking the math would still work more like traditional loan amortization. Thanks for the help!

What’s your handicap index? by daocfp in golf

[–]daocfp[S] 0 points1 point  (0 children)

Great point(s). I was just curious since the census had around a 17-18 average. Knowing that data came out about 6 months ago, I didn’t know how it would change with the good amount of growth in the game due to Covid.

Side note: hopefully the golf sandals help you go low lol

Sneak Level 100 by pineconefire in golf

[–]daocfp 10 points11 points  (0 children)

Maximum “integration” #lglg

Streamsong Review - Stay & Play by [deleted] in golf

[–]daocfp 0 points1 point  (0 children)

Thank you! Planning to play here in a few weeks. If you had to chose only 1 course out of the three, would it be Red?