SBA reaches $200B milestone in Economic Injury Disaster Loan program to small businesses and nonprofits

WASHINGTON – The U.S. Small Business Administration reached a milestone Friday, Feb. 12, in the success of the COVID-19 Economic Injury Disaster Loan program, which has provided U.S. small businesses, nonprofits and agricultural businesses $200 billion in emergency funding.

“Following the enactment of COVID-19 emergency legislation, the SBA has now provided more than 3.7 million small businesses employing more than 20 million people with $200 billion through the unprecedented COVID-19 EIDL loan program,” acting administrator Tami Perriello said. “SBA remains committed to helping small businesses recover from the unprecedented economic effects of COVID-19.”

SBA is still accepting COVID-19 EIDL loan applications as the deadline to apply has been extended to Dec. 31, 2021. EIDL funding is used to pay fixed debts, payroll and expenses, accounts payable and other bills that can’t be paid because of the disaster’s impact. This financial resource has allowed millions of small-business owners across America to retain employees, continue operating and support their communities during the COVID-19 pandemic.

As a reminder, the loan portion of the COVID-19 EIDL program continues to have funds available at affordable and flexible terms, with an automatic deferment of one year before monthly payments begin. Every eligible small business and nonprofit is encouraged to visit http://sba.gov/coronavirusrelief to get more information about applying for EIDL and other economic recovery programs.

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small-business owners with the resources and support they need to start, grow or expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.

Submitted by U.S. Small Business Administration.