The Small Business Administration (SBA) has approved $200 billion in disaster loans to 3.7 million borrowers since the COVID-19 Economic Injury Disaster Loan (EIDL) program began last year. Unlike the forgivable loans made through the larger and more prominent Paycheck Protection Program (PPP Loans), the disaster loans must be paid back. But they carry a low interest rate and a long repayment term. Currently the disaster loans borrowing limit is capped at $150,000, however on March 24, 2021 the SBA announced that businesses harmed by the coronavirus pandemic can soon borrow up to $500,000. The new borrowing limit will take effect the week of April 6, 2021.