Nick Mihailovski the Product Manager of Google Data Studio stated in a Blogpost:
The new Dashboarding and reporting tool Google Data Studio which was launched in 2016 is now available for free for small business earlier it was limited to 5 data reports, now the limit has been lifted from 5 to unlimited.
Data Studio turns your data into informative Dashboards and Reports which you can read, easy to share, and fully customizable. With Dashboarding you can tell great data stories to support better business decisions.
“ To enable more businesses to get full value from Data Studio we are making an important change — we are removing the 5 report limit in Data Studio. You now create and share as many reports as you need — all for free. “