Yes, you can continue to use EPDM even after you go off of software subscription. You would also want to keep in mind that you are entitled to all the service packs through the last major release that your subscription was valid for. If you ended your subscription after SP1.0 was released you would still be able to install SP2.0-SP5.0 for that same major release so you could have those bug fixes.
The SOLIDWORKS download system does shut down when you are off subscription but you should be able to obtain a download from a mirror site supplied by your VAR for these later service packs.
i thought this was the case but wasn't 100%.