Small Business
Smart Ways to Repay Your Pandemic Small Business Disaster Loan
Interest rates and the economic outlook have changed drastically from the days when the program began.
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Almost 4 million small businesses in the US benefited from Economic Injury Disaster Loans during the pandemic, and it’s time to start paying them off. The first payments are coming due on balances totaling $378 billion—plus all the interest accrued over the last 30 months. More than 673,000 loans were issued in New York and Texas alone. Some of the payments will be hefty.
Here’s a reminder on the basics of the program: