SBA Reaches $200 Billion Milestone in Economic Injury Disaster Loan

https://content.govdelivery.com/accounts/USSBA/bulletins/2c0ff01

District Office representing Central South Texas

u s small business administration

SBA Reaches $200 Billion Milestone in Economic Injury Disaster Loan Program to Small Businesses and Non-Profits   

 

Release Date: February 12, 2021 
Release Number: 21-16
ContactSBA Press Office

 

WASHINGTON – Today, the U.S. Small Business Administration reached a milestone in the success of the COVID-19 Economic Injury Disaster Loan (EIDL) program, which has provided U.S. small businesses, non-profits, and agricultural businesses a total of $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 businesowners across America to retain employees, continue operating and support their communities during the COVID-19 pandemic.  

SADO DDD

"This past year was historic for the SBA's disaster program and it continues as we enter 2021," said David Elizondo, San Antonio Deputy District Director. "In Texas, 317,361 EIDL loans have been approved, amounting to $17,020,782,716. The program has provided financial resources, allowing businesses to retain employees and continue operating, which benefits our local communities."

SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response. The SBA is strongly committed to providing the most effective and customer-focused programs possible.  

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

 

Targeted EIDL Advance 

eidl

 

COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency. Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding. Learn More

Read FAQ's

About the U.S. Small Business Administration

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 www.sba.gov.