Does the SBA (Small Business Administration) have Direct Download or Express Web Connect?

longface_2

I have an EIDL (Economic Impact Distater Loan) from the SBA, and would love to be able to have my loan amount automatically update. Does anyone know if there is an option to do this without having to manually enter transactions?

Boatnmaniac

Most government agencies do not interface with Quicken (or any personal financial planning software) and it appears that the SBA is no different on this matter.

If you set up your loan as an offline account, the set up process will create a Bill Reminder that will include the splits for principal and interest that is paid. You can then set up the Reminder to either be manually entered into you payment and loan accounts each month (or for whatever the payment interval is) or you can set it up to be automatically entered. Make sure the Reminders are entered before the payment is downloaded from the payment account bank and Quicken will match the download to the Reminder that was entered. You can then review the loan register every once in a while to see if there is any balance adjustment that might need to be made.

Connected loans, on the other hand, do not have an account register so you cannot see nor edit any of the payments information. You just have to rely on the lender to be 100% accurate (which sometimes does not happen).

Tom Young

The list of financial institutions that allow for downloading into Quicken is contained in the hidden fidir.txt file that's here:

\ProgramData\Quicken\Inet\Common\Localweb\Banklist\2019 folder

I couldn't find anything in that file that suggested the SBA allows for downloading into Quicken, but you may want to look at that file yourself.

Generally "downloading" loan Accounts don't really seem all that beneficial and frequently are the source of problems. The downloaded information deals only with principal changes and doesn't provide other information that you might need, like interest or any escrow accounts.

Boatnmaniac

Most government agencies do not interface with Quicken (or any personal financial planning software) and it appears that the SBA is no different on this matter.

If you set up your loan as an offline account, the set up process will create a Bill Reminder that will include the splits for principal and interest that is paid. You can then set up the Reminder to either be manually entered into you payment and loan accounts each month (or for whatever the payment interval is) or you can set it up to be automatically entered. Make sure the Reminders are entered before the payment is downloaded from the payment account bank and Quicken will match the download to the Reminder that was entered. You can then review the loan register every once in a while to see if there is any balance adjustment that might need to be made.

Connected loans, on the other hand, do not have an account register so you cannot see nor edit any of the payments information. You just have to rely on the lender to be 100% accurate (which sometimes does not happen).