Nearly 4 million small business owners who received federal pandemic loans are now required to pay them back.
, many small businesses are grappling with another serious financial challenge: repaying the federal pandemic relief loans they got to help them survive the crisis.
The Small Business Administration's COVID-19 Economic Injury Disaster Loan program was set up in 2020 to help smaller employers and not-for-profit organizations stay afloat during the pandemic. The 30-year loans carry a fixed interest rate of 3.75% for small businesses and 2.75% for nonprofits.
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