The EIDL Resource Hub
Everything you need to know about EIDL
Fastway SBA's EIDL Resource Hub is your go-to source for the latest updates, repayment assistance, and advocacy efforts surrounding EIDL loans. Our team has helped thousands of EIDL borrowers navigate affordable restructuring, qualify for hardship accommodations, and stay informed on potential forgiveness measures.
Whether you're currently struggling with payments or want to get ahead of changes, we're here to guide you through sustainable EIDL repayment tailored to your unique situation. Explore our resources below or book a consultation to discuss a personalized action plan.
Recent Update: *IMPORTANT*
- No more new applications for Covid-19 EIDL
- Updates to requirements for additional funding
Read All Program Updates
EIDL Lookup Tool
Find out the status of your EIDL
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EIDL Quick Links

SBA Alert: Application Status

As of February of 2024, no new applications for EIDL are being accepted.

See Announcement

Covid-19 SBA Program Updates

A number of updates have been released related to SBA Covid-19 funding programs.

Read Updates

EIDL: Making Payments in 2024.

Guide on making payments on EIDL loans in 2024. Guide and links.

See Guide

EIDL: Lookup EIDL Status

Get more information regarding the status of your EIDL loan.

Lookup EIDL Loan Status

FAQ: Additional SBA Funding

Is it Possible to Obtain an SBA loan if I already have an EIDL (Economic Injury Disaster Loan)?

See Answers
Repayment Status as of 2024

After multiple pandemic-related deferment periods, EIDL loan repayments have fully resumed for most borrowers as of early 2024. However, the SBA is still offering certain relief options on a case-by-case basis:

- Deferment extensions for those still facing hardship
- Loan modifications to reduce interest rates or extend terms
- Hardship accommodations to temporarily reduce payments

For borrowers who fell behind during earlier deferment periods, the consequences of default are escalating. Loans over $100,000 that are 180+ days delinquent are being referred to the U.S. Treasury Department for further collection action.

EIDL Forgiveness Status

The SBA has processed over 3.8 million EIDL loan forgiveness applications as of Q1 2024, with billions in relief provided to eligible businesses. In total, the SBA could forgo collections on over $72 billion of COVID program loans, without appropriate justification or authorization to do so by Congress. However, there is still a backlog, with processing times averaging 6-8 weeks. Key eligibility criteria includes proving a 30%+ revenue loss in any 8-week period after the covered period began and having spent EIDL funds on eligible expenses like payroll, rent, utilities, etc. The maximum forgiveness amount is $150,000.

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EIDL Forgiveness Related Resources
Program Updates

Program Updates

Updates in Reference to EIDL

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August 1, 2024
Paying your EIDL Loan in 2024

Paying your EIDL Loan in 2024

With the EIDL "goodwill period" having ended in early 2023, the SBA began sending delinquent EIDL loans over $100,000 to the U.

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August 1, 2024
Get Started making EIDL Payments

Get Started making EIDL Payments

How to ger started with EIDL Payments.

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July 31, 2024
2024 Update
Access NEW SBA EIDL Hardship Accommodation Form
Making a Hardship Claim

The SBA's Hardship Accommodation Plan allows you to temporarily reduce your EIDL payments by 90% if facing difficulties:
- For loans under $200,000, you can enroll directly through your SBA loan portal
- For over $200,000, contact the SBA EIDL Servicing Center to request enrollment

This reduces your minimum monthly payment to just 10% of the standard amount for a 6-month period while you get back on track. However, interest continues accruing, and you must eventually repay the full loan amount. Whether struggling now or wanting to stay ahead of changing EIDL repayment timelines, book a consultation with our EIDL experts to review your most affordable options.
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Program FAQs

Some questions we get asked frequently

What is the EIDL Program?

The COVID-19 Economic Injury Disaster Loan (EIDL) program provided low-interest loans to small businesses and non-profits impacted by the pandemic. Funds could be used for working capital, debt payments, and other expenses.

Do I Have to Pay Back My EIDL Loan?

Yes, EIDLs are loans that must be repaid. However, there are provisions for forgiveness and deferment under certain circumstances.

If I got an EIDL loan, could I still apply for other SBA loans?

Yes, receiving an EIDL loan did not make a business ineligible for other SBA loan products, provided they met the respective eligibility criteria for those programs..

EIDL Fast Facts

Massive EIDL Funding to Support Businesses

As of April 27, 2022, the SBA had approved 3,923,374 COVID-19 EIDL loans totaling $378.4 billion.

California Leads in EIDL Loan Approvals

California had the highest number of approved EIDL loans at 591,850 and the highest approved dollar amount of $67.6 billion.

Targeted Advances for Hardest Hit Businesses

The SBA had funded 601,058 Targeted EIDL Advances totaling $5.2 billion and 453,417 Supplemental Targeted Advances totaling $2.3 billion to provide additional aid to hardest hit businesses.

EIDL Stat Overview
Access SBA Disaster Assistance Update

Recent Posts:

#eidl #covid-19

FastWaySBA
July 31, 2024
Notice:

The COVID-19 EIDL program is NOT accepting new applications, increase requests, or reconsiderations. However, the SBA continues to offer other funding options for small businesses, including traditional SBA loans.

In February 2024, the SBA expanded the eligibility for our Hardship Accommodation Plan (HAP) to assist borrowers struggling with loan payments. This expansion includes borrowers who are not current on their loans, those already in default but not in Treasury Cross-Servicing, and those who have previously participated in HAP. If you were previously turned down for HAP, we encourage you to take advantage of these recent expansions and try again. You do not need to bring your loan current to enroll in HAP. If you do not make HAP payments, your loan will re-enter default and continue on the path to Treasury referral.

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FastWaySBA
July 31, 2024
EIDL Deferment

Due to the continued adverse effects of the pandemic, the SBA has provided a deferment period of 30 months from the date on the original Note for COVID-19 EIDL borrowers. This deferment does not apply to non-COVID disaster home and business loans and is effective for all COVID-19 EIDL loans approved in calendar years 2020, 2021, and 2022. Interest will continue to accrue on the loans during deferment.

For more detailed information about eligibility and how deferment impacts your future loan payment amounts, refer to SBA procedural notice 5000-830558 dated March 15, 2022.

Note: The 30-month COVID-19 EIDL deferment period will not be extended. COVID-19 EIDL loans are not forgivable.

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FastWaySBA
July 31, 2024

Create an account in the MySBA Loan Portal  to monitor your loan status and make payments.

You are responsible for your COVID-19 EIDL monthly payment obligation beginning 30 months from the disbursement date shown on the top of the front page of your Original Note. During this deferment period:

  • You may make voluntary payments without prepayment penalties.
  • Interest will continue to accrue on your loan.
  • If you do not make voluntary payments during the deferment, a final balloon payment will be due at loan maturity.

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FastWaySBA
July 31, 2024
Hardship Accommodation Plan (HAP)

The SBA is offering a Hardship Accommodation Plan (HAP) for COVID-19 EIDL borrowers experiencing short-term financial challenges. Eligible borrowers may pay 10% of their usual payments for six months without needing to catch up on missed payments first. Borrowers will have the option to renew the plan after it concludes. Interest will continue to accrue, potentially increasing or creating a balloon payment due at the end of the loan term. Apply for HAP through the MySBA Loan Portal.

Eligibility, Terms, Enrollment, and more. Read the rest here.

FastWaySBA
July 31, 2024

COVID-19 EIDL Customer Service will provide the Application for SBA Consent form for requests such as:

  • Subordination of the SBA lien to facilitate third-party financing
  • Proposed change in ownership
  • Proposed assumption
  • Request for specific collateral release

For guidance on anticipated business closure or liquidation, send a message through the MySBA Loan Portal or contact COVID-19 EIDL customer service.

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