The clock is ticking.

Businesses in the promotional products market and other industries that have suffered economic hardship as a result of the COVID-19 pandemic are running low on time to apply for an Economic Injury Disaster Loan (EIDL) from the U.S. Small Business Administration (SBA).

The COVID EIDL program is a federal disaster relief loan designed to serve and support small businesses reeling from the economic fallout of the ongoing pandemic. Since its inception, the EIDL program has provided nearly $300 billion in relief aid.

However, the program is now entering its twilight, with Dec. 31 marked as the final day to apply for aid (processing will continue into the new year). Businesses can receive up to $2 million to help pay for normal operating expenses and working capital, including payroll, purchasing equipment and debt.

“The COVID Economic Injury Disaster Loan and EIDL Advance programs still have billions of dollars available to help small businesses hard hit by the pandemic,” said Patrick Kelley, associate administrator for the SBA’s Office of Capital Access.

The SBA noted that its Targeted EIDL Advance and Supplemental Targeted Advance programs are also wrapping up. The Targeted EIDL – application period for which ends Dec. 31 – offers funding of up to $10,000 to businesses with fewer than 300 employees that are located in low-income communities. The loans will continue to be processed after the Dec. 31 deadline.

The Supplemental Targeted Advance provides an additional $5,000 to qualifying businesses in low-income communities – money that doesn’t have to be repaid. Businesses that want the Supplemental Advance support should apply by Dec. 10, as applications will not be accepted or processed after Dec. 31, the SBA said.

In September, the SBA announced a number of what it described as enhancements to the EIDL program, including raising the funding cap from $500,000 to $2 million. Improvements also include implementing a deferred payment period in which small-business owners will not have to begin COVID EIDL repayment until two years after loan origination. Additionally, the SBA expanded the scope of what EIDL funds can be spent on to include prepay commercial debt and payments on federal business debt.

Some business owners have criticized the SBA’s administering of the EIDL program, saying it’s difficult to get through the process of applying for and receiving EIDL support, Yahoo Finance reported.

Responding to such criticism, the SBA told Yahoo: “The SBA has increased its EIDL processing capacity to 37,000 applications daily, a 22-fold increase. The SBA has a demonstrated turnaround time of about two weeks on most EIDL applications, provided the business owner responds promptly to additional information requests.”