The SBA launched a new round of Economic Injury Disaster Loan (EIDL) assistance, called Supplemental Targeted Advance on April 22. This program was part of the March 11, 2021 American Rescue Plan Act. The goal is to continue to provide a supplemental payment of $5,000 to the smallest and hardest hit businesses and nonprofit organizations that have been most severely affected by the economic effects of the COVID-19 pandemic.
Who qualifies? To be eligible for these new supplemental grants, businesses and nonprofit organizations must:
- Be located in a low-income community. Businesses can use this mapping tool here to see if they are eligible.
- Have suffered greater than 50 percent economic loss during an eight-week period beginning on March 2, 2020 or later compared to the same period of the previous year. Support will be requested.
- Have 10 or fewer employees. Farmers and ranchers are not eligible for the Supplemental Targeted Advance.
The SBA will contact eligible businesses to be considered for the Targeted EIDL Advance to apply and the applications will be on a first-come, first-served basis. The business will be required to complete the Targeted EIDL Advance application to be considered for the Supplemental EIDL Targeted Advance.
What should you do now? If you feel that you may qualify, you should be on the lookout for an official government email ending with @sba.gov. All application decisions will be communicated via email. If approved, you will receive an email notification and a direct ACH deposit to the bank account provided in your original application for the Targeted EIDL Advance.
Small businesses with questions about the new supplemental grants can email questions to the SBA at TargetedAdvance@sba.gov