I ask ChatGPT agent to do some research on EIDL loans. Payment status and default outcomes
You can read the full report here: https://chatgpt.com/s/6a0c846ceb6881918b4319263dbf2328
Summary
The COVID‑19 EIDL program provided unprecedented liquidity to U.S. small businesses during the pandemic. Between 3.7 million and 4.1 million loans—worth $360–$400 billion—were approved, benefiting hundreds of thousands of small businesses and independent contractors. Young and small firms received loans at higher rates and experienced lower closure rates than peers. As payments come due, the portfolio shows diverging outcomes: roughly three‑quarters of borrowers are current or still in deferment, while a growing share have defaulted or been charged off. By late 2024 the SBA had charged off nearly 370 000 loans (>$47 billion) and was pursuing another 96 745 delinquent loans, and total charge‑offs exceed $70 billion. About 300 000 borrowers have used a hardship accommodation plan to temporarily reduce payments. Because much of the EIDL portfolio remains in servicing, repayment performance over the next few years—and the effectiveness of SBA collection efforts—will determine the program’s final cost to taxpayers and its overall impact on the small‑business sector.