Independent information about the SBA COVID Economic Injury Disaster Loan program — curated, verified, and presented without agenda.
EIDL Facts is an independent informational resource dedicated to helping businesses and individuals understand the SBA COVID-19 Economic Injury Disaster Loan (EIDL) program. Between 2020 and 2021, the Small Business Administration disbursed approximately $390 billion in COVID EIDL loans to nearly four million borrowers across the United States. Many of those borrowers — sole proprietors, small business owners, nonprofits, and independent contractors — received funds quickly, often before fully understanding the long-term obligations attached to them.
Our goal is straightforward: to present accurate, plain-language information about borrower rights, repayment obligations, hardship options, and the consequences of default — drawn from official sources and organized in a way that is genuinely useful.
We are not affiliated with the SBA, any government agency, any law firm, or any debt relief company. We accept no advertising, commissions, or referral fees. We have no financial stake in any action a borrower takes.
"We exist because the gap between what the SBA published and what borrowers actually understood was — and remains — significant."
The COVID-19 Economic Injury Disaster Loan program was authorized under the CARES Act (March 2020) and subsequently expanded through additional legislation. Unlike the Paycheck Protection Program (PPP), COVID EIDL loans were not forgivable — they are long-term, low-interest loans that must be repaid. Key characteristics of the program include:
The deferment period created a false sense of resolution for many borrowers. Millions of loans entered active repayment status between 2022 and 2023, and a substantial number of borrowers were unprepared for payments after years of dormancy.
Every piece of information published on this site is traced to one or more primary or authoritative sources. Our process involves three stages:
We draw from the following categories of sources:
Raw source material — legislation, loan documents, agency guidance — is often technical, dense, and written for regulators rather than borrowers. We summarize and translate this material into plain English while preserving accuracy. Where source documents conflict or have been superseded, we note it explicitly. We do not present resolved policy questions as open debates, nor do we present contested interpretations as settled fact.
Where SBA guidance has changed over time (and it has, significantly, regarding deferments and hardship accommodations), we track the timeline of changes and clearly indicate when information reflects current vs. historical policy.
SBA policy regarding COVID EIDL loans continues to evolve. We monitor official SBA communications, OIG reports, and relevant federal court activity on an ongoing basis and update content when material changes occur. Each page displays a "last reviewed" date so readers can assess currency.
EIDL Facts focuses specifically on the COVID-19 EIDL program (distinct from traditional EIDL disaster loans for other declared disasters). Topics covered on this site include:
We want to be transparent about our limitations:
If your situation involves default, legal action, significant debt, or potential fraud exposure, you should consult a licensed attorney with experience in SBA lending or federal debt matters.
EIDL Facts is operated by an independent team with backgrounds in small business operations, financial publishing, and web development. We are not attorneys, CPAs, or licensed financial advisors. We built this site because we observed firsthand how difficult it was for ordinary borrowers to find clear, neutral, well-sourced information about their obligations — and how that vacuum was being filled by misinformation and opportunistic services promising outcomes they couldn't deliver.
We believe that informed borrowers make better decisions. That's the entirety of our motivation.
The content on EIDL Facts is provided for general informational purposes only. It does not constitute legal, financial, or tax advice and should not be relied upon as such. Laws, SBA policies, and program guidance change frequently. We make reasonable efforts to keep information current, but we make no warranties — express or implied — regarding the completeness, accuracy, or applicability of any information to any specific borrower's situation. Always verify critical details with the SBA directly or with a qualified professional.