Author: Greg Iacurci PUBLISHED MON, JUL 13 202012:35 PM EDT on CNBC
Key Points
1.The EIDL Advance program, created by the CARES Act, offered up to $10,000 in emergency grants to small businesses.
2. It ended Saturday after reaching its funding limit, issuing $20 billion to nearly 6 million businesses.
3. The program’s end comes as businesses exhaust other corona virus relief,
like Paycheck Protection Program loans, and some states are reimposing
business closures.
A pot of money meant to help prop up small businesses during the coronavirus pandemic has run out of funds.
The Economic Injury Disaster Loan Advance program, a federal measure
offering grants of up to $10,000 to entrepreneurs, has ended after
reaching the $20 billion funding limit allowed by Congress, the Small
Business Administration announced Saturday.
Lawmakers envisioned the program, an enhancement to the existing Economic Injury Disaster Loan program, as a way to get fast cash to struggling entrepreneurs.
