The Small Business Administration distributed around 4 million Economic Injury Disaster Loans (EIDL) totaling approximately $390 billion to support restaurants and small businesses amid the COVID pandemic. Unlike other federal aid, EIDLs are not forgivable, creating a potential financial burden that could lead to closures. Local entrepreneur Iso Rabins initiated the Save Your Local campaign, aiming to secure EIDL forgiveness for affected restaurants. The SBA anticipates that about 37% of small businesses will default on their loans, which could deeply impact communities and the livelihood of many employees.
During the COVID pandemic, the SBA awarded approximately 4 million EIDL loans totaling roughly $390 billion to restaurants and small businesses. However, unlike other federal funding, EIDLs are not forgivable.
The added debt burden from EIDLs is reportedly causing many restaurants to close, prompting local entrepreneur Iso Rabins to launch the Save Your Local campaign.
Rabins' Forage Kitchen received a $500,000 EIDL and he acknowledges the struggle many food businesses have faced due to the pandemic and loan obligations.
The SBA estimates that 37% of small businesses will default on their EIDLs, leading to significant negative impacts on families and communities as a result.
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