Millions of Businesses Need to Start Paying Back Coronavirus Loans

The Toledo Blade is reporting that millions of businesses need to start paying back coronavirus loans. The article states that nearly 3.8 million small business owners took out Economic Injury Disaster Loans (known as EIDL loans) from the federal government, averaging roughly $100,000 per loan, according to the Small Business Administration. These 30-year loans carry an interest rate of 3.75 percent for businesses and require repayment.

The first EIDL loan monthly payments will commence in January 2023 and the article reports that 2.6 million businesses across the country will owe money by that date.

The article can be found at https://www.toledoblade.com/business/development/2023/01/14/businesses-pandemic-paying-back-coronavirus-loans/stories/20230114082

Jim Shenwick, Esq.   jshenwick@gmail.com   212 541 6224