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What If You Can't Pay Back Your EIDL Loan?

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Skip Team

January 10, 2023 2 min read

EIDL PAYMENTS

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Millions of EIDL loan borrowers now have their first payments due, after 30 months of deferment — but what happens if you cannot pay back your EIDL loan? Here's what you need to know, plus how to get help if you're having difficulty paying the EIDL loan.

4 Million COVID EIDL Loans Payments Are Becoming Due

The US Small Business Administration (SBA) approved over $378 billion in COVID EIDL loans to over 3.9 million small business owners. After 30 months of payment deferment, most of these loans now have their first payment due.

These monthly payments range from a few hundred dollars to several thousand dollars per month — depending on the size of the EIDL loan.

What happens however if you are having difficulty paying these back on time or at all? Many businesses are still facing cash flow challenges, and for some this may get worse in 2023. Here's what you need to know.

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