SBA completes $20 billion in funding for EIDL Advance program

Federal Issues Covid-19 SBA Small Business Lending

On July 11, the Small Business Administration announced the conclusion of the Economic Injury Disaster Loan (EIDL) Advance program after the agency allocated the full $20 billion appropriated by Congress. As previously covered by InfoBytes, the EIDL Advance program provided up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that were experiencing temporary difficulties due to the Covid-19 pandemic. The emergency funds under the EIDL Advance program do not have to be repaid. While the EIDL Advance program is now discontinued, non-Advance EIDL loan applications are still being processed. These loans carry interest rates of 3.75 percent for small businesses and 2.75 percent for non-profits and have terms up to 30 years, with the first payment deferred for one year.