Fri Sep 06 19:16:56 UTC 2024: – Small businesses are having trouble paying off COVID-19 Economic Injury Disaster Loans
– Small businesses with outstanding EIDL loans are in worse shape than others
– Loans have a 30-year term with a 3.5% interest rate
– Businesses that haven’t paid off loans are facing challenges with debt and profitability
– Loans were a lifeline for some businesses, but are hindering others from taking on new loans for growth
– Some businesses would have gone out of business without the loans
– It’s unclear if businesses that haven’t paid off loans were already in worse shape
– EIDL loans are not forgivable and must be repaid

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