The Federal Election Commission declared Senator John McCain eligible for matching funds today after raising $5,000 in 20 states in amounts no larger than $250. McCain is also eligible after agreeing to spending limits and allowing an extensive audit of his campaign books.

McCain will be eligible for up to $21 million in matching funds after reporting additional contributions at the beginning of each month. The Arizona Republican has pulled in more than $25 million so far, though he retained just over $3.2 million on hand after the second quarter.

The FEC also announced a grant of $16.35 million to each party for the purposes of their conventions, and estimated that general election nominees will be eligible for a grant of approximately $85 million.