SBA’s EIDL Advance Program Ends After Running Through Its Funding

The U.S. Small Business Administration (SBA) has announced that a program that provides grants to small businesses waiting for a decision on the Economic Injury Disaster Loan (EIDL) applications, EIDL Advance, has closed after depleting its $20 billion in funding.

Nearly six million small businesses took advantage of the EIDL Advance program, which provided businesses with $1,000 per employee, up to $10,000. Recipients did not have to be approved for an EIDL loan to receive the funds.

The SBA continues to accept applications to the EIDL program. The loans offer a 3.75-percent interest rate for small businesses and 2.75 percent for nonprofit organizations, a 30-year maturity and monthly payments are automatic deferred for one year. EIDL loans can be applied for through the SBA disaster assistance page.

filed under July 2020
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