Actually, I found a couple other logic errors in the code (if your D7 is a formula that returns "" then it will enter the new formula over the old formula in that cell, changed the check to see if it was at D49, and added a goto start in the first if part). Here was what I ended up with:
Sub cant_get_it_right()
MyInput = InputBox("Enter the employees name")
Range("d7").Select
Do
Start:
If ActiveCell.Address(0, 0) = "D49" Then
Range("i7").Select
GoTo Start
ElseIf ActiveCell.Formula = "" Then
ActiveCell.Formula = "=IF(" & MyInput & "!G2>79,""Discharge"",IF(" & MyInput & "!G2>71,""Final""," & _
"IF(" & MyInput & "!G2>63,""Second"",IF(" & MyInput & "!G2>55,""First""," & _
"IF(" & MyInput & "!G2>31,""Informational"","""")))))"
Exit Sub
Else
ActiveCell.Offset(2, 0).Select
GoTo Start
End If
Loop Until ActiveCell <> ""
End Sub