February 04, 2021
The SBA has recently released another round of Economic Injury Disaster Loan (EIDL) Advances – called the Targeted EIDL Advance. The new advance will provide eligible businesses with a total of $10,000 in grant assistance.
Restrictions for claiming the Targeted EIDL Advance will include:
· If the business previously received a full EIDL Advance of $10,000 in 2020.
· Agricultural enterprises such as farmers and ranchers are excluded.
Businesses that received a partial EIDL Advance in 2020 will be eligible to receive the difference through the Targeted EIDL Advance.
EIDL Eligibility
To be eligible for the Targeted EIDL Advance businesses must:
· Be located in a low-income community, which will be determined by the SBA.
· Have suffered an economic loss of 30% or greater; demonstrated by an 8-week period beginning on March 2nd, 2020, or later as compared to the same period in the prior year.
· Have 300 or fewer employees.
If you think you might be eligible, we highly recommend getting your application for funds in today!
Process Details
The SBA’s goal is to process all requests within 21 days of receiving the completed application. All application decisions will be communicated via email. Due to the limited available funds for the Targeted EIDL Advance program, the SBA will not reconsider applications through an appeals process, which means that all applications and decisions are final.
Before submitting your application, please review your banking information for:
· Bank name (Official Name)
· Account Number (Only Checking Account)
· Routing Number
If the account is opened using your business legal name, enter matching values into the application. If your account has your business address and phone number, enter the matching values into the application. If the account is opened using your business tax ID, enter the matching value into the initial application.