Millions of U.S. businesses hammered by the pandemic are scheduled to start paying back Covid loans

'This is the last thing we need:' Millions of businesses hammered by the pandemic need to start paying back Covid loans | CNN Business At Teddy & The Bully Bar restaurant near downtown Washington, DC, business has never been the same since the pandemic hit. Gabe Cohen CNN

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At the start of the pandemic, as business stalled, nearly 3.8 million small business owners took out Economic Injury Disaster Loans (known as EIDL loans) from the federal government, averaging roughly $100,000 per loan, according to the Small Business Administration. Unlike some other pandemic programs, these 30-year loans, carrying an interest rate of 3.75% for businesses, were intended to be paid back.

After more than two years of deferrals, the first EIDL loan monthly payments have started to come due. Around 2.6 million businesses across the country will owe money by the end of January.

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