SIOUX FALLS, S.D. – The U.S. Small Business Administration has announced the conclusion 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.

Having allocated the full $20 billion that was appropriated by Congress, SBA will discontinue making EIDL Advances to new applicants, the organization said in a statement on Tuesday, July 14. By law, the SBA is not permitted to issue new EIDL Advances once all program funding has been obligated.

“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,” Administrator Jovita Carranza said. “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.”

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.

“The EIDL Advance program helped to bring economic relief to over 13,400 South Dakota small business and nonprofits,” said Jaime Wood, SBA South Dakota District Director. “Approximately $39 million was injected into the SD economy through EIDL Advance since early April.”

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EIDL loan applications will still be processed even though the advance is no longer available.

The SBA said every eligible small business and nonprofit is encouraged to apply to get the resources they need.