The COVID-19 Economic Injury Disaster Loan program has now sent a total of $200 billion in emergency funding to U.S. small businesses, nonprofits and agricultural businesses, the U.S. Small Business Administration announced.
The program hit the milestone Feb. 12. As of Jan. 31, Colorado small businesses had received 57,691 EIDL loans, totaling $3,280,791,056.
“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 news release.
“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. 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. This financial resource has allowed millions of small business owners across America to retain employees, continue operating and support their communities during the COVID-19 pandemic.
The EIDL program is just one piece of the expanded focus of the federal government’s coordinated response.
The loan portion of the COVID-19 EIDL program continues to have funds available at very affordable and flexible terms, according to the SBA, with an automatic deferment of one year before monthly payments begin.