EIDL
Government & Politics abbreviation · Public Program
| Stands for | Economic Injury Disaster Loan |
|---|---|
| Categories | Government & Politics |
EIDL stands for Economic Injury Disaster Loan, a public program abbreviation.
Low-interest SBA loan for small businesses and nonprofits that suffer economic losses from a declared disaster, used for working capital rather than physical repairs. During the COVID-19 pandemic it was expanded into a massive nationwide program.
Example: The bakery's COVID EIDL carries a 3.75 percent rate and a 30-year term.
Usage notes
COVID EIDL loans totaled hundreds of billions of dollars and were made directly by the SBA rather than through banks, along with advance grants that did not need repayment. Unlike PPP loans, EIDL loans are not forgivable. Collection of defaulted pandemic EIDL loans continued for years afterward.
Related abbreviations
More public program abbreviations
- CTC – Child Tax Credit
- DACA – Deferred Action for Childhood Arrivals
- DV – Diversity Immigrant Visa
- EAD – Employment Authorization Document
- EB-5 – EB-5 Immigrant Investor Program
- EBT – Electronic Benefit Transfer
- EITC – Earned Income Tax Credit
- ESTA – Electronic System for Travel Authorization
- FAFSA – Free Application for Federal Student Aid
- FMR – Fair Market Rent
- FPL – Federal poverty level
- FRA – Full retirement age