The Post and Courier of Charleston reported the U.S. Army Corps of Engineers said Tuesday the money will be provided to rebuild the eroded beach.
The work could begin in the fall after the sea turtle nesting season and could be finished for the 2014 summer season.
Folly Beach Mayor Tim Goodwin says the money comes after two years of efforts by local, state and federal officials.
The money has been sought since damage from Hurricane Irene in August 2011. Hurricane Sandy last year and other storms only made conditions worse on both ends of the island.
Goodwin praised Sen. Lindsey Graham and other lawmakers who got the money approved.
The last renourishment was done in 2005.