My answer is
(E). I can confidently eliminate just one option (B).
(A) The difference between (A) and (E) is the additional word "also" in (A). If I accept (E), must I accept (A)? The answer is probably YES. As we do not know anything about the context of the sentence, we can argue "also" is needed. In that case, (A) and (E) must be both wrong.
(B) Passive voice is definitely wrong: the National Endowment for the Arts is not the recipient of the award.
(C) The difference between (A) and (E) is between "up to" and "nearly". The use of each is quite common and not controversial. A minute distinction can be made that "An amount that is up to five million dollars" can actually turn out to be much lower than 5million. After all, if I decide to buy up to 100 bitcoins, I may just buy 0.00...001 bitcoins and claim that my goal is fulfilled. "Nearly", on the other hand, is more precise. But what is the intension of the author? We do not know.
(D) Usually I can eliminate (D) without much thinking. There is no need / justification to emphasize that the National Endowment for the Arts awarded the nearly / up to 5 million dollars on the continuous basis. It would probably only make a batch of awards each year over the past ten years. Why am I not that confident? Well, this is GMAT CLUB OLYMPICS, in which some questions reveal arcane rules and astonishing answers. haha.
(E) My choice. It is not that different from (A) or (B). Instead of dwelling on this question, picking one answer and moving on to the next question is the wise call.