The Emergency Grant Program for Small Businesses Is Officially Out of Money

It's estimated that over 100,000 small businesses have closed permanently in the course of the pandemic and the subsequent recession it's spurred, and at a time when the outbreak only seems to be getting worse, a key source of relief is no longer on the table. On Saturday, the Economic Injury Disaster Loan's (EIDL's) advance program ran out of money after having reached the $20 billion funding limit assigned to it. Under that program, small businesses, as well as independent contractors, were eligible to apply for an emergency loan and receive up to $1,000 per employee as an immediate advance on that loan.