Official program data from SBA, SBA Office of Inspector General, and Congressional Research Service.
The Federal Reserve found that small businesses with outstanding EIDL balances are in significantly worse financial shape than businesses without EIDL debt. They carry more than double the debt burden, are more likely to be denied credit, and are less likely to be profitable. These aren't businesses that were failing before COVID. These are businesses the government shut down and then charged for the privilege of surviving.
Congressional Research Service has documented four policy options under discussion: reduced interest rates, deferments without accrued interest, grant assistance, and loan forgiveness. None have been enacted. The SBA's Offer in Compromise program technically exists but has approved zero settlements for COVID EIDL loans. The Hardship Accommodation Plan ended March 19, 2025 with no replacement. Meanwhile, members of Congress traded $5.3 billion in stocks while earning $174,000 — with a $200 fine for late disclosure.
Quotes are from anonymous submissions. Details verified where possible. More stories added as they're received.
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