Even though the Economic Injury Disaster Loan (EIDL) Advance program has ended, the EIDL program remains open and will continue to offer low-interest loans to businesses impacted by COVID-19, the U.S. Small Business Administration has announced. As of July 11, SBA stopped processing EIDL Advance requests because program funds had been fully allocated.
The EIDL Advance program ensured businesses and nonprofit organizations had greater access to emergency funds since the loan advance funds do not have to be repaid and applicants did not have to be approved for a loan to receive the EIDL Advance.
In less than four months, almost 6 million small businesses and nonprofit organizations employing 30.5 million people used the emergency funding to handle immediate business needs, such as healthcare benefits, payroll and rent.
Information about the ongoing EIDL loan program is available at the SBA website.
