The U.S. Small Business Administration announced the conclusion and success of the Economic Injury Disaster Loan (EIDL) Advance program, which provided U.S. small businesses, non-profits and agricultural businesses a total of $20 billion in emergency funding.
In order to assist the greatest number of small businesses, the EIDL Advance provided $1,000 per employee up to a maximum of $10,000. Recipients did not have to be approved for a loan to receive the Advance, and the Advance provided an interim but vital source of funds while applicants awaited a decision on their loan application.
Having allocated the full $20 billion that was appropriated by Congress, SBA will discontinue making EIDL Advances to new applicants.
By law, the SBA is not permitted to issue new EIDL Advances once all program funding has been obligated.
EIDL loan applications will still be processed even though the Advance is no longer available.
As a reminder, the loan portion of the EIDL program continues to have funds available at very affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin.
Every eligible small business and non-profit is encouraged to apply to get the resources they need.