From Lifeline to Liability: Understanding EIDL Loans

The Economic Injury Disaster Loan (EIDL) program was designed to assist small businesses recovering from a declared disaster, helping to cover costs and expenses that the business would have otherwise been able to manage. Many businesses utilized EIDLs during 2020 and 2021 to fund ordinary and necessary business expenses during the pandemic. However, for some businesses, repaying these loans created its own hardship.