SBA announces updates to EIDL Targeted Advance grant programs
The U.S. Small Business Administration (SBA) has announced two new updates to its Economic Injury Disaster Loan (EIDL) program, as the agency works to provide further economic relief for the smallest and hardest hit businesses across the United States.
Below you will find more information about the Targeted EIDL Advance program and Supplemental Targeted Advance, which provide small grants to eligible impacted small businesses, and how you may qualify for additional financial assistance.
Targeted EIDL Advance program
The SBA's Targeted EIDL Advance program, part of the CARES Act, aims to provide business owners in underserved communities with the full $10,000 EIDL Advance. Some business owners received less than that amount during the original program last year, or didn’t receive economic relief after the EIDL Advance funds were exhausted. The SBA will only provide the Targeted EIDL Advance to applicants who applied for an Economic Injury Disaster Loan. The small business does not have to accept the loan in order to get the Advance or even be approved for the loan in order to be eligible for the Targeted EIDL Advance. Applicants must:
- Have suffered revenue losses of more than 30% during any 8-week period beginning March 2, 2020 or later.
- Be located within a low-income community as designated by the SBA mapping tool
- Have fewer than 300 employees
Supplemental Targeted Advance
Effective April 22, the SBA modified the Targeted EIDL Advance application process to determine if businesses also qualify for the additional $5,000 Supplemental Targeted Advance. SBA will contact eligible business entities to apply and applications will be processed on a first-come, first-served basis. To qualify for the Supplemental Targeted Advance, an eligible business entity must be in a low-income community, have suffered greater than 50% economic loss, and have 10 or fewer employees.
Although both programs will expire on December 31, 2021, the SBA is urging business owners to submit their Supplemental Advance applications by December 10.
NOTE: The SBA originally sent emails to businesses that may be eligible for these programs that had originally applied for an EIDL loan. If you did not receive an email from the SBA and believe you may be eligible, and you have already applied for an EIDL loan, contact SBA Disaster Customer service at 1-800-659-2955 or via email at [email protected], or contact your local SBA district office.