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$10,000 Advance Forgivable Grants NO Longer Available With EIDL Applications

The $20B that was set aside for advance forgivable grants of up to $10,000 for any business that applied for an Economic Injury Disaster Loan (EIDL) has been exhausted. That means, for now, businesses can still apply for a traditional EIDL, but they won’t be able to apply for the advance of up to $10,000 ($1,000 per employee) any longer, unless Congress adds more money to that SBA (Small Business Administration) program. The SBA announced that just over six million individual businesses received the advance grants before the funding was exhausted. Small businesses with fewer than 500 employees can still apply for the traditional EIDL, where they can qualify for a loan of up to $2M with an interest rate of 3.75%, and a term of up to 30 years to repay the loan.

VGM will update you again if any additional funds are added to the program which allow the forgivable payments of up to $10,000 to be available to small businesses in the future.