SBA Awards $20B in EIDL Advance Funds

WASHINGTON, D.C. – The Small Business Administration’s Economic Injury Disaster Loam Advance program provided businesses nationwide with $20 billion in emergency funding, the agency announced Monday morning.

The program provided small businesses with up to $1,000 per employee, up to a maximum of $10,000, to help them through the coronavirus pandemic. Businesses and nonprofits did not have to be approved for the standard Economic Injury Disaster Loan to be approved for the advance.

“Following the enactment of COVID-19 emergency legislation, the SBA provided nearly 6 million small businesses employing 30.5 million people with $20 billion through the unprecedented EIDL Advance program,” SBA Administrator Jovita Carranza said 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.”

With the full $20 billion appropriated by Congress allocated, the SBA will no longer be accepting applications for EIDL Advance loans or new funding through the program.

Applications for the standard Economic Injury Disaster Loan are still available at a 3.75% interest rate for businesses and 2.75% for nonprofits, with a 30-year maturity and automatic one-year deferment before monthly payments begin. 

All eligible businesses and nonprofits are encouraged to apply for the loans HERE.

Published by The Business Journal, Youngstown, Ohio.