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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:
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.
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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
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.
