The U.S. Small Business Administration approved 509 Economic Injury Disaster Loans for businesses dealing with COVID-19 fallout in Massachusetts and processed another 16,538 advances in the same EIDL program, according to an April 20 update.
The loans combined totaled $103.8 million in Massachusetts. The advances combined for $76 million.
The advances were for up to $10,000 for small businesses with less than 500 employees applying for an EIDL loan. If a company’s loan is approved, the advance is folded into the loan amount. If the loan isn’t approved, the advance becomes a grant.
SBA stopped accepting new loan applications for the EIDL program on Thursday, when the money for a related coronavirus-bailout stimulus, the Paycheck Protection Program, ran out. The U.S. Senate on Tuesday approved another $320 billion for the PPP program, although the measure must still pass the House and be signed by President Donald Trump.
A combined total of $5.6 billion in EIDL loans have been approved for 26,919 companies nationwide.
The loan program is available for any small business with less than 500 employees, including sole proprietorships, independent contractors and those who are self-employed. Loans may not exceed $2 million per business, according to federal guidelines.
