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Small-business owners seeking loans may face new hurdles as the Small Business Administration reverts to pre-pandemic lending ...
He also arranged about $2.6 million in loans for people who used fake or insolvent companies to get loans from the corruption-riddled PPP and EIDL programs, which were overseen by the Small ...
In 2020 and 2021, COVID-19 Economic Injury Disaster Loans (EIDL) were a lifeline for small businesses. But now, some small businesses are having trouble paying them off.
The Business Journals reports the SBA approved around 3.9 million COVID EIDL loans totaling $378 billion before the program ended in May 2022. EIDL loans carry a 3.765% interest rate and a 30-year ...
The Biden administration plans to more aggressively pursue thousands of small businesses with past-due pandemic loans, reversing an earlier policy that saw the U.S. government stop short in its ...
The SBA is authorizing larger disaster loans. For homes, the agency more than doubled the loan size to $500,000, up from $200,000. Even though the loan is for personal residences, it can still ...
But then came a government-branded letter, informing them that payments were due on nearly $100,000 of COVID-19 pandemic-relief loans, called Economic Injury Disaster Loans, or EIDL.
There was also the Economic Injury Disaster Loan program, which offered 30-year loans with a fixed interest rate of 3.75%. Unlike PPP loans, EIDL loans are not forgiven, so businesses have to ...
After more than two years of deferrals, the first EIDL loan monthly payments have started to come due. Around 2.6 million businesses across the country will owe money by the end of January.
Loans were available up to the maximum EIDL amount—$2 million—but borrowers in low-income areas also were eligible for up to $15,000 in an EIDL Advance that did not require repayment.