SBA Reaches EIDL Milestone

Feb. 16, 2021
EIDL loan applications are open until Dec. 31, 2021.

Feb. 16, 2021—The Small Business Adminstration (SBA) announced it has provided a total of $200 billion dollar in emergency funds for the COVID-19 Economic Injury Distaster Loan (EIDL) program, according to a press release. 

“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 in a statement. “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.