Advances No Longer Available But Favorable Loans Still Being Granted. ‘SBA EIDL Program’

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AllBusiness.com reports: “On July 11, 2020, the U.S. Small Business Administration (SBA) announced it would no longer be granting advances under the Economic Injury Disaster Loan (EIDL) program.”
“The EIDL advance program provided small businesses, independent contractors, nonprofits, and agricultural businesses a total of $ 20 billion in emergency funding. See SBA Opens Up New Grants and Loans for Small Businesses And Independent Contractors: The EIDL Program.”
“The EIDL advance program provided a $ 1,000 grant per employee of a small business, up to a maximum of $ 10,000. Independent contractors were entitled to $ 1,000. The grant did not need to be repaid. Recipients did not have to be approved for a loan in order to receive the advance.”
 

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