Economic Injury Disaster Loan (EIDL) Advance: Update

On July 11th, the U.S. Small Business Administration (SBA) announced that it would discontinue making Economic Injury Disaster Loan (EIDL) Advances to new applicants, having allocated the full $20 billion appropriated by Congress. EIDL advances had provided $1,000 per employee up to a maximum of $10,000, and recipients did not have to be approved for a loan to receive the Advance.

While the Advance is no longer available, the SBA is still processing EIDL loan applications. As a reminder, EIDL provides loans of up to $150,000 to help small businesses and private non-profit organizations overcome COVID-19 related loss of revenue. EIDL loans are calculated as up to six months of working capital, and offered to businesses in operation for at least a year prior to the disaster. Loans have an interest rate of 3.75% for small businesses and 2.75% for non-profits, and a maximum term of 30 years. Additionally, the first payment is deferred for one year.

Contact a Pace SBDC Business Advisor at to discuss eligibility. You can also check out our website’s EIDL program page for more detail and a step-by-step view of the application.


Pace University SBDC

163 William Street, Room 328

New York, NY, 10038   


Office:  (212) 618-6655


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A, C, J, Z, 2, 3, 45 to Fulton St

E to World Trade Center
6 to Brooklyn Bridge


Partnership Program with the SBA, administered by the State University of New York. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.  All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All SBA funded programs are extended to the public on a nondiscriminatory basis.

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