Friday July 24 UPDATE:

Correct Link to the new Stimulus, EIDL, PPP news.

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Over the weekend, the SBA issued a press release that it had ended its EIDL Advance program. According to the release, the SBA had used up the $20 billion allocated for the program which gave grants of up to $10,000 to small businesses. The SBA said it had provided over 6 million businesses with funding through this program. The EIDL Loan program is still active. Here's the latest and our video on the announcement.

The SBA EIDL Advance Program Has Run Out Of Funding

According to the SBA Administrator Jovita Carranza,  “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.”

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

SBA EIDL Loans Will Still Be Issued

It is important to note that you can still apply here for SBA EIDL Loans. These are low-interest long-term loans that millions of small businesses have also taken advantage of since the pandemic start. The current interest rate for businesses is 3.75% but there is discussion in Congress about getting this interest rate lowered even further — to 1%. That's still in the House of Representatives being discussed.

Besides EIDL Advances, There Are Still Funding Options Out There

First off, the EIDL Loan program is still a great program, and based on our self-reporting tracker, half of applicants have received an EIDL loan. However, most businesses are still scrambling to find new funding options — especially as states roll back reopening plans.

We've published a post last week on some other alternative funding options, in case you have not seen these yet. And of course, you should definitely create a free Skip business listing at SupportCovidRecovery.com