SBA To Open Targeted EIDL Advance To More Businesses

Press release from Mount Vernon-Lee Chamber Of Commerce:

06/10/2021

ShareTweetReturn to ListingSBA To Open Targeted EIDL Advance to More Businesses 06/10/2021 12:26 PMThe Small Business Administration will open its $25 billion Targeted Economic Injury Disaster Loan Advance grant program to millions more small businesses by the end of June. Through this program small businesses can get an initial grant of $10,000 and potentially a follow-up grant of $5,000.For more information on this program visit https://www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan Scroll down the page to Targeted EIDL Advance.Until recently, the Targeted EIDL Advance and the Supplemental Advance were by invitation only and open only to small businesses that applied for an EIDL.The Washington Business Journal reported, “The agency has already sent more than 500,000 emails to businesses that applied for an EIDL after Dec. 27, but soon it will throw open the doors to every small business that meets the eligibility criteria — namely being in a low-income area and having seen a significant drop in revenue over the course of Covid-19.“The move to open the grant program more broadly comes after its lackluster launch in February. Since then, the SBA has doled out $1.2 billion in 141,840 grants for its targeted advance program and another $413 million across 82,742 grants for its follow-up supplemental targeted advance, just a fraction of the billions allocated to the program by Congress,” said the WBJ.Parts of the Richmond Highway Corridor, Mount Vernon and Lee Districts have been designated by the SBA as low-income area. Use this mapping tool to see if your business is in such an area.The Targeted EIDL grant program offers one of the few remaining avenues for small businesses to get SBA relief. The agency's Restaurant Revitalization Fund quickly ran out of funding, with more than $75 billion in requests for $28.6 billion in funding. The SBA's Paycheck Protection Program closed to new applications at the end of May, and the SBA has said that funding in that program is slated to be exhausted once the agency processes existing loans in the pipeline.

This press release was produced by the Mount Vernon-Lee Chamber Of Commerce. The views expressed are the author's own.