The EIDL Resource Hub
Everything you need to know about EIDL
Fastway SBA's EIDL Resource Hub is your go-to source for the latest updates, repayment assistance, and advocacy efforts surrounding EIDL loans. Our team has helped thousands of EIDL borrowers navigate affordable restructuring, qualify for hardship accommodations, and stay informed on potential forgiveness measures.
Whether you're currently struggling with payments or want to get ahead of changes, we're here to guide you through sustainable EIDL repayment tailored to your unique situation. Explore our resources below or book a consultation to discuss a personalized action plan.
EIDL Lookup Tool
Find out the status of your EIDL
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Repayment Status as of 2024

After multiple pandemic-related deferment periods, EIDL loan repayments have fully resumed for most borrowers as of early 2024. However, the SBA is still offering certain relief options on a case-by-case basis:

- Deferment extensions for those still facing hardship
- Loan modifications to reduce interest rates or extend terms
- Hardship accommodations to temporarily reduce payments

For borrowers who fell behind during earlier deferment periods, the consequences of default are escalating. Loans over $100,000 that are 180+ days delinquent are being referred to the U.S. Treasury Department for further collection action.

EIDL Forgiveness Status

The SBA has processed over 3.8 million EIDL loan forgiveness applications as of Q1 2024, with billions in relief provided to eligible businesses. In total, the SBA could forgo collections on over $72 billion of COVID program loans, without appropriate justification or authorization to do so by Congress. However, there is still a backlog, with processing times averaging 6-8 weeks. Key eligibility criteria includes proving a 30%+ revenue loss in any 8-week period after the covered period began and having spent EIDL funds on eligible expenses like payroll, rent, utilities, etc. The maximum forgiveness amount is $150,000.

Making a Hardship Claim

The SBA's Hardship Accommodation Plan allows you to temporarily reduce your EIDL payments by 90% if facing difficulties:
- For loans under $200,000, you can enroll directly through your SBA loan portal
- For over $200,000, contact the SBA EIDL Servicing Center to request enrollment

This reduces your minimum monthly payment to just 10% of the standard amount for a 6-month period while you get back on track. However, interest continues accruing, and you must eventually repay the full loan amount. Whether struggling now or wanting to stay ahead of changing EIDL repayment timelines, book a consultation with our EIDL experts to review your most affordable options.
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Program FAQs

Some questions we get asked frequently

What is the EIDL Program?

The COVID-19 Economic Injury Disaster Loan (EIDL) program provided low-interest loans to small businesses and non-profits impacted by the pandemic. Funds could be used for working capital, debt payments, and other expenses.

Do I Have to Pay Back My EIDL Loan?

Yes, EIDLs are loans that must be repaid. However, there are provisions for forgiveness and deferment under certain circumstances.

If I got an EIDL loan, could I still apply for other SBA loans?

Yes, receiving an EIDL loan did not make a business ineligible for other SBA loan products, provided they met the respective eligibility criteria for those programs..

EIDL Fast Facts

Massive EIDL Funding to Support Businesses

As of April 27, 2022, the SBA had approved 3,923,374 COVID-19 EIDL loans totaling $378.4 billion.

California Leads in EIDL Loan Approvals

California had the highest number of approved EIDL loans at 591,850 and the highest approved dollar amount of $67.6 billion.

Targeted Advances for Hardest Hit Businesses

The SBA had funded 601,058 Targeted EIDL Advances totaling $5.2 billion and 453,417 Supplemental Targeted Advances totaling $2.3 billion to provide additional aid to hardest hit businesses.