Guide to SBA's Economic Injury Disaster Loans

The Coronavirus Aid, Relief, and Economic Security (CARES) Act expanded the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL).

September 01, 2021

Unlike the COVID-19 Paycheck Protection Program (PPP) loans, which were made through private and non-profit lenders and guaranteed through the federal government, the Small Business Administration’s Economic Injury Disaster Loans (EIDL) are made directly by the federal government.

In 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act expanded SBA’s long-standing EIDL program by recognizing a nationwide COVID EIDL. Usually, the loans under SBA’s EIDL program are tailored uniquely to a specific natural disaster after a Governor requests SBA’s assistance for affected counties.

Note: The COVID-19 EIDL program is not accepting new applications, increase requests, or reconsiderations. The SBA administers the EIDL program. Please contact the SBA with specific questions.

Your EIDL loan will come due soon, if it hasn't already. For immediate assistance on a question or application, please email: DisasterCustomerService@sba.gov

LATEST UPDATES TO THE COVID-19 EIDL LOANS & REPAYMENT

Deferment of COVID EIDL Repayment

SBA provided a deferment period of 30 months from the date on the original Note for COVID-19 EIDL borrowers. That means some borrowers began repayment in the Fall of 2022 and more borrowers will begin repayment through the Fall of 2024.

More detailed information about eligibility and how deferment impacts your future loan payment amounts can be found here.

Related

Hardship Accommodation Plan

SBA is offering a Hardship Accommodation Plan for borrowers experiencing short-term financial challenges. Borrowers eligible for this plan may make reduced payments for six months. Interest will continue to accrue, which may increase (or create) a balloon payment due at the end of the loan term.

• Borrowers are required to pay at least 10% of their monthly payment amount (with a $25 minimum), for six months.
• During the Hardship Accommodation period, borrowers can voluntarily make larger payments.
• The regular monthly payment amount will resume and be required after the six-month Hardship Accommodation period ends. Borrowers may be able to renew the Hardship Accommodation Plan, if necessary.

Eligibility and Enrollment:

• Borrowers are eligible to enroll in the Hardship Accommodation Plan beginning 60 calendar days before their first payment due date. Click here for more detailed information on eligibility and enrollment.

Report EIDL Identity Theft

If you suspect that someone used your personal information without your knowledge or permission to obtain SBA’s COVID-19 Economic Injury Disaster Loan (EIDL) assistance, please download this EIDL identity theft letter for step-by-step instructions on how to report the identity theft case to SBA, including how to file an SBA Declaration of Identity Theft.

Visit sba.gov for more information.

Topics

• Security and Resilience
• Pandemic
• Small Business