SBA Ends Economic Disaster Advance Program

Funds for the EIDL Advance program, which made emergency payments of up to $10,000, have been exhausted, though loans are still available.

Photo: Andrii Yalanskyi/Shutterstock

Announcing an end to its Economic Injury Disaster Loan (EIDL) Advance program, the Small Business Administration said it provided small businesses, nonprofits and agricultural businesses a total of $20 billion in emergency funding.

The EIDL Advance provided $1,000 per employee up to a maximum of $10,000. While EIDL applications will still be processed, as of Saturday the advance was no longer available as SBA has allocated the $20 billion appropriated by Congress.

“Following the enactment of COVID-19 emergency legislation, the SBA provided nearly six million small businesses employing 30.5 million people with $20 billion through the unprecedented EIDL Advance program,” Jovita Carranza, SBA administrator, said Saturday in a statement. “This program, built from the ground up in less than two weeks, assisted millions of small businesses, including nonprofit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors.”

The SBA reminds small businesses and nonprofits, however, that the loan portion of the EIDL program continues to have funds available at a 3.75% interest rate for small businesses and 2.75% for nonprofit organizations, with a 30-year maturity and an automatic deferment of one year before monthly payments begin.

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