Small Business Administration

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SBA Reaches $200 Billion Milestone in Economic Injury Disaster Loan Program to Small Businesses and Non-Profits 

WASHINGTON – Today, the U.S. Small Business Administration reached a milestone in the success of the COVID-19 Economic Injury Disaster Loan (EIDL) program, which has provided U.S. small businesses, non-profits, and agricultural businesses a total of $200 billion in emergency funding.

“Following the enactment of COVID-19 emergency legislation, the SBA has now provided more than 3.7 million small businesses employing more than 20 million people with $200 billion through the unprecedented COVID-19 EIDL loan program,” Acting Administrator Tami Perriello said.  “SBA remains committed to helping small businesses recover from the unprecedented economic effects of COVID-19.”

SBA is still accepting COVID-19 EIDL loan applications as the deadline to apply has been extended to Dec. 31, 2021. EIDL funding is used to pay fixed debts, payroll and expenses, accounts payable and other bills that can’t be paid because of the disaster’s impact. This financial resource has allowed millions of small business owners across America to retain employees, continue operating and support their communities during the COVID-19 pandemic.

SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response. The SBA is strongly committed to providing the most effective and customer-focused programs possible.

As a reminder, the loan portion of the COVID-19 EIDL program continues to have funds available at very affordable and flexible terms, with an automatic deferment of one year before monthly payments begin.  Every eligible small business and non-profit is encouraged to visit sba.gov/coronavirusrelief to get more information about applying for EIDL and other economic recovery programs.

MageeNews.com is an online news source serving Simpson and surrounding counties as well as the State of Mississippi.

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Patrice, wife of Greg Boykin & mother of two sons, Bradley & Alex, is a Magee hometown girl. Patrice retired after 25 years in the Insurance industry and 23 of those years were with State Farm Insurance in Magee. She is very active in the community where she served as Secretary for the Magee Touchdown Club for 18 years and President of the MS Scholars of Simpson County. She was elected to a term on the Simpson County School Board. She has served on the Board of Directors for the Magee Chamber of Commerce. She serves on the Keep Magee Beautiful Committee and is a member of the Advisory Committee for the Simpson County Technical Center. Multiple times, Patrice was named Parent of the Year for Magee Schools as well as District Parent of the Year. Patrice & her family are members of New Hope Baptist Church.

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