Managing Director, BRP Onesta – 21st Century Perspectives

Staggering? How much will the US Government make back from small businesses as part of their Economic Injury Disaster Loan Program?

By Thomas W. Tramaglini, BRP Onesta

When the global pandemic hit the United States, it hit businesses hard as millions of businesses were forced to close their doors.  To combat the pandemic, quickly the US government began massive funding of the Economic Injury Disaster Loan (EIDL) and other EIDL grant programs.  To small businesses, the EIDL was a great option as it is a 30-year fixed loan at 3.75%. with monthly payments.  One of our clients described the loan as “pretty much the cheapest money you could borrow.”

For a better description of the recent changes and updates of EIDL, The Journal of Accountancy has a great article here:

However, when fully repaid in 31 or so years (2051), how much will the government make on the EIDL program in interest?

The number is staggering – these are my simple but quick calculations… So far (as of 12/15/2021) there have been 3,859,280 EIDLs approved for a total amount of $312,406,166,938.  If you do the math, the government will make back nearly $12 Billion ($11,715,231,260.175) on EIDL Program. 

The Government Will Make Back $12 Billion from Small Business Owners

However staggering making $12 Billion off of the American small businesses seems, it is a drop in the bucket considering the government has forgiven nearly $800 Billion.

Only time will tell whether or not the program was or was not successful.

More data can be found here: PPP Data Set

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