Four Million Hard-Hit Businesses Approved for Nearly $390 Billion in COVID Economic Injury Disaster Loans
As the country continues to transition from a historic economic recovery to stable, steady growth that works for families and small businesses, Administrator Isabella Casillas Guzman, the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, highlighted the impact of the SBA’s COVID Economic Injury Disaster Loan (EIDL). Through the life of the program, the SBA disbursed approximately $390 billion to nearly four million small businesses and nonprofits.
Taken together with the American Rescue Plan-funded programs – the Restaurant Revitalization Fund, the Shuttered Venue Operators Grant, the COVID EIDL Targeted and Supplemental Advance Grants, and the Paycheck Protection Program -- COVID EIDL, which was often used for critical business operations such as making payroll, has helped small businesses power historic economic growth. In the first three quarters of 2021, small businesses with fewer than 50 employees created 1.9 million jobs, the fastest nine-month start in any year on record. This historic level of investment in saving our small business economy has resulted in high marks of trust in the SBA among the American public.
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