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Zero Interest for EIDL Loans for Businesses Facing Financial Hardship

This act aims to assist small businesses that received EIDL loans during the COVID-19 pandemic and are currently facing financial difficulties. For a 12-month period after the act's enactment, the interest rate on these loans will be reduced to zero, providing relief to entrepreneurs in repaying their obligations.
Key points
Zero Interest: For one year from the act's enactment, the interest rate on the federal share of eligible EIDL loans will be 0%.
Lower Monthly Payments: Monthly payments will be 10% of the loan principal or $25, whichever is greater.
Who Qualifies: This relief applies to EIDL loans issued in response to COVID-19, for businesses experiencing short-term financial challenges where participation in the program is necessary to avoid severe financial hardship.
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Status:
Expired
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Additional Information
Print number: 118_HR_2727
Sponsor: Rep. Strickland, Marilyn [D-WA-10]
Process start date: 2023-04-19
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

EIDL Relief Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2727.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-04-19.

What are the main provisions?

Key points include:

  • Zero Interest: For one year from the act's enactment, the interest rate on the federal share of eligible EIDL loans will be 0%.
  • Lower Monthly Payments: Monthly payments will be 10% of the loan principal or $25, whichever is greater.
  • Who Qualifies: This relief applies to EIDL loans issued in response to COVID-19, for businesses experiencing short-term financial challenges where participation in the program is necessary to avoid severe financial hardship.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Strickland, Marilyn [D-WA-10].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Benefits