Cumulative Covid EIDL Chargeoffs Now Exceed $70 Billion
November 19, 2024
| By: deBanked Staff
The latest data from the SBA is in. It charged off $18.7B in Covid EIDL loans in FY 2024. That was down from $52B charged-off in FY 2023. The program still has an unpaid principal balance of $277B.
PPP loans were still being written off in FY 2024 as well, coming in $2.5B charged-off vs $10.6B charged-off in FY 2023 and $4.8B charged-off in FY 2022.
The EIDL program suffered astonishingly high losses during covid. Regular 7(a) loans, for example, only experienced $646M in charge-offs in FY 2024.
