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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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Additional Information
Print number: 118_HR_2727
Sponsor: Rep. Strickland, Marilyn [D-WA-10]
Process start date: 2023-04-19
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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.

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