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SBA Reaches $200B Lending Milestone in Disaster Loan Program

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The U.S. Small Business Administration said it has reached a milestone in the success of the COVID-19 Economic Injury Disaster Loan (EIDL) program, which recently hit the $200 billion mark in emergency funding it has provided U.S. small businesses, nonprofits and agricultural businesses.

“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.

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