EIDL stands for Economic Injury Disaster Loan. The SBA gave as much as $1.2 trillion of PPP and EIDL loans in 2020 and 2021, and as much as $200 billion of these are potentially fraudulent. Most of the PPP loans have already been forgiven or paid back.
My specific question is how much of EIDL loans were outstanding as of September 30, 2022 and 2023, and how much was written off.
So as of 9/30/22, the EIDL total was $357.8 billion and as of 9/30/23, the total is $301.9 billion. This is the Unpaid Principal Balance totals and includes only those loans that have not been charged off. (source)
In fiscal year 2023, the SBA charged off $51.9 billion in EIDL loans. Since the decrease in the EIDL from 2022 to 2023 was $55.9 billion, that means the actual balance decreased only $4 billion from repayment.
Does that mean there was $51.9 billion of fraud last year? Not necessarily, there were some struggling businesses that went under. Still, a large portion of this probably was fraudulent, because it is not too hard to make the small payments or to request a deferment.
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