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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteCOVID-19 EIDL loans generally must be repaid; they were not a forgiveness program. PPP loans could be forgiven if borrowers met the program’s use and eligibility rules and forgiveness was approved. Both programs are closed to new applications, but existing borrowers still need to check their account status and address any remaining balance. Your signed loan note, SBA account, lender records, and any official decision determine what you owe.
How COVID-19 EIDL and PPP differed
| Feature | COVID-19 EIDL | PPP |
|---|---|---|
| Loan structure | Direct loan from the SBA | SBA-backed loan issued by a participating lender |
| Main purpose | Working capital and ordinary business operating expenses | Primarily payroll, plus specified eligible expenses |
| Forgiveness | The loan must be repaid; it was not a loan-forgiveness program. | Eligible amounts could be forgiven if program conditions were met and forgiveness was approved. |
| Published interest and maturity | 30-year term; fixed rate of 3.75% for businesses or 2.75% for private nonprofits | 1% interest; two-year maturity for loans issued before June 5, 2020, and five years for loans issued after that date |
| New applications | Closed; SBA stopped accepting COVID-EIDL applications January 1, 2022 | Closed; the program ended May 31, 2021 |
| Where to check status | SBA Loan Portal | SBA Direct Forgiveness Portal or the lender that issued the loan |
These are published program terms, not a substitute for your loan documents or account record. COVID-EIDL terms are summarized by the SBA’s COVID-19 EIDL overview; PPP terms and program status are described on the SBA’s pages for First Draw PPP loans and the Paycheck Protection Program.
Was your EIDL or PPP loan forgivable?
COVID-19 EIDL: the loan was repayable
COVID-19 EIDL provided working capital for eligible small businesses, agricultural businesses, and nonprofit organizations affected by the pandemic. Funds could be used for ordinary operating costs such as payroll, rent or mortgage payments, utilities, and certain business-debt payments. The loan itself was not forgiven simply because it was used for eligible expenses.
An EIDL Advance was separate assistance and should not be confused with the EIDL loan balance. Check your account and loan records to identify the amount, if any, that remains due. The SBA describes the program as providing loans and advances to help businesses recover from pandemic impacts on its COVID-era programs page.
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PPP: forgiveness depended on the rules and a decision
PPP was designed mainly to support payroll. Borrowers could also use funds for eligible expenses in categories such as mortgage interest, rent, and utilities, subject to the rules applicable to their loan. A borrower could request forgiveness after using the proceeds for which forgiveness was sought, but forgiveness was not automatic: eligibility, use of funds, documentation, and the lender or SBA determination mattered.
For PPP loans of $150,000 or less, SBA Form 3508S does not require supporting documents to be submitted with the forgiveness application. Borrowers should still retain records in case of review. Larger loans use forms with supporting-documentation requirements. See the SBA’s PPP loan forgiveness guidance for application information.
Who could qualify—and can you apply now?
Eligibility descriptions below are historical; neither COVID-19 EIDL nor PPP accepts new applications. COVID-19 EIDL served eligible small businesses, agricultural businesses, and nonprofits affected by the COVID-19 disaster. PPP eligibility included qualifying small businesses, sole proprietors, independent contractors, self-employed people, and specified nonprofits and other entities, subject to size, employee, and draw-specific rules.
A separate disaster EIDL program exists for qualifying small businesses, small agricultural cooperatives, and most private nonprofits in a declared disaster area that suffered substantial economic injury. That program is distinct from the closed COVID-19 EIDL application period. The SBA’s current Economic Injury Disaster Loans page describes disaster EIDL; it does not reopen COVID-19 EIDL or PPP.
What COVID-EIDL borrowers should check now
Find the balance, due date, and servicing notices
Sign in to the SBA Loan Portal to review the balance, statements, amount due, and account messages. SBA’s payment guidance says the first payment is due 30 months after the original note date. The published COVID-EIDL terms include an initial two-year payment deferment, during which interest accrued; the deferment did not mean the loan was forgiven.
The SBA lists a 30-year term and fixed interest rates of 3.75% for businesses and 2.75% for private nonprofits. It also lists collateral requirements for loans above $25,000 and a personal guaranty requirement above $200,000. These are program-level terms; use your signed note and servicing record to confirm what applies to your loan.
SBA guidance says that, starting October 1, 2025, it accepts electronic payments only for covered loans. Follow the current instructions in your portal and any servicing notice rather than relying on an old payment method.
Check whether payment assistance is available
The SBA describes a payment-assistance option for eligible COVID-EIDL borrowers: a 50% payment reduction for six months, available once every five years. Conditions include being current and less than 90 days past due when applying, the business being open and operating, and no active bankruptcy for the borrower and owners. Confirm availability and eligibility in the SBA portal. This reduces payments temporarily; it does not cancel the loan.
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Confirm whether forgiveness was approved
Use the SBA Direct Forgiveness Portal or contact the lender that issued your PPP loan. SBA made its direct portal available to all borrowers, regardless of loan size, effective March 13, 2024. Because PPP loans were lender-issued, the lender is the right contact for loan-specific status unless the loan was purchased by SBA and is serviced through its portal.
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Do not treat submitting an application as proof that a loan was forgiven. Confirm whether the result was full forgiveness, partial forgiveness, or no forgiveness; any unforgiven amount remains subject to repayment.
Understand when repayment resumes
PPP loans carried 1% interest. Loans issued before June 5, 2020 had a two-year maturity; loans issued after June 5, 2020 had a five-year maturity. If a borrower did not apply for forgiveness within ten months after the covered period ended, payments were no longer deferred and repayment to the lender began. SBA says borrowers may apply for forgiveness up to five years after SBA issued the loan number, subject to the applicable process and loan circumstances.
If you receive a delinquency, collection, or fraud-related notice, use the contact and instructions in that specific notice. General program terms cannot establish the status or outcome of an individual account.
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