About Targeted EIDL Advance and Supplemental Targeted Advance (SBA)
Summary
This is the SBA overview About Targeted EIDL Advance and Supplemental Targeted Advance. It states that EIDL Advances are now closed and SBA is no longer accepting new Advance applications or reevaluation requests. It says COVID-19 Economic Injury Disaster Loan (EIDL) applicants may have been eligible to receive up to $15,000 in funding that did not need to be repaid. The Targeted EIDL Advance provided funds of up to $10,000 to applicants who were in a low-income community, could demonstrate more than 30% reduction in revenue during an eight-week period beginning on March 2, 2020, or later, and had 300 or fewer employees. The Supplemental Targeted Advance provided a supplemental payment of $5,000.
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“About Targeted EIDL Advance and Supplemental Targeted Advance (SBA).”
Original at www.sba.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-targeted-advance-overview-68d46780d8/
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About Targeted EIDL Advance and Supplemental Targeted Advance For the hardest hit businesses and private nonprofits, funds that do not need to be repaid. Content Notice: EIDL Advances are now closed SBA is no longer accepting new Advance applications or reevaluation requests. We continue to process applications and reevaluations received prior to the deadlines. SBA continues to offer other funding options for small businesses including traditional SBA loans . Program overview Applicants for the COVID-19 Economic Injury Disaster Loan (EIDL) may have been eligible to receive up to $15,000 in funding from SBA that did not need to be repaid. These "advances" are similar to a grant, but without the typical requirements that come with a U.S. government grant. Targeted EIDL Advance The Targeted EIDL Advance provided funds of up to $10,000 to applicants who were in a low-income community, could demonstrate more than 30% reduction in revenue during an eight-week period beginning on March 2, 2020, or later, and had 300 or fewer employees. Supplemental materials Supplemental Targeted Advance The Supplemental Targeted Advance provided a supplemental payment of $5,000 that does not have to be repaid. The combined amount of the Supplemental Targeted Advance ($5,000) with any previously received EIDL Advance or Targeted EIDL Advance ($10,000) will not exceed $15,000. Applicants had to be located in a low-income community, prove more than a 50% economic loss during an eight-week period beginning on March 2, 2020, or later, and had 10 or fewer employees. Supplemental materials Information in other languages Applications must be submitted in English. We provide documents in different languages to help you understand eligibility requirements, fill out applications, and answer frequently asked questions.
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