New $10,000 Targeted EIDL Advance and $5,000 Supplemental Targeted Advance – Find out if you qualify!

The SBA has now opened the Targeted Economic Injury Disaster Loan (EIDL) Advance and the Supplemental Targeted Advance grants to all eligible businesses. To be considered for these grants, a business must apply or have applied for an EIDL and meet the eligibility criteria for the advance grants (discussed below). A business does not, however, need to accept the actual EID loan itself or even be approved for the loan in order to receive one of these grants. Businesses can note that they want to be considered for the EIDL advance grants only on the EIDL application.

Once a business applies for an EIDL, the SBA will send an invitation via email to apply for one of the EIDL advances. The invitation will be sent from an official government email account ending with @sba.gov. Before applying, businesses should ensure that they are in a low-income area, which they can determine by using the SBA’s online mapping tool, and review the eligibility requirements for the advances.

Targeted EIDL Advance

The Targeted EIDL Advance provides funds of up to $10,000 that does not have to be repaid. A Targeted EIDL Advance covers working capital needs and normal operating expenses, including rent and utilities.

To qualify for a Targeted EIDL Advance, a business must:

• Be located in a low-income area;
• Have suffered a reduction in revenue greater than 30% over an 8-week period beginning on March 2, 2020, or later;
• and have 300 employees or less.

Supplemental Targeted Advance

The Supplemental Targeted Advance provides additional funds up to $5,000, which does not have to be repaid. To be considered for the Supplemental Targeted Advance, a business must have applied or apply for the Targeted EIDL Advance. Like the Targeted EIDL Advance, the Supplemental Targeted Advance covers working capital needs and normal operating expenses.

To qualify for a Supplemental Targeted Advance, a business must:

• Be in a low-income area;
• Have suffered more than a 50% economic loss over an 8-week period beginning on March 2, 2020, or later, compared to the same period in the prior year; and
• Have 10 employees or less.

All businesses meeting the above eligibility criteria, including sole proprietors, independent contractors, and private nonprofit organizations are eligible for the EIDL program. However, agricultural businesses like farmers and ranchers, are not eligible for these EIDL grants.

The maximum aggregate amount a business can receive for both the Targeted EIDL Advance and Supplemental Targeted Advance is $15,000.

For further questions regarding the Targeted EIDL Advance and the Supplemental Targeted Advance, small businesses can refer to this SBA FAQ.

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