The SBA announced a new round of EIDL Advances called Targeted EIDL Advance. The purpose of this EIDL is for businesses that received the EIDL Advance last year in an amount less than $10,000. If they meet the Targeted EIDL requirements, the business may be eligible to receive the difference up to the full $10,000. The combined amount of the Targeted EIDL and the original EIDL Advance may not exceed $10,000.
Following are the requirements for the Targeted EIDL. You must meet ALL three in order to qualify.
- You must be located in a low-income community - SBA will map your business property address to determine if you are in a low-income community when you submit your application. Check out this map to help you determine if your business is located in a low-income community.
- Your business has to demonstrate a 30% or greater loss of income - as demonstrated by an 8-week period beginning on March 2, 2020, or later, compared to the previous year. You will be required to provide the total amount of monthly gross receipts from January 2019 to the current month-to-date.
- You must have 300 or fewer employees.
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- You will also be asked to confirm that the information provided in your original EIDL application is still accurate. If there are any changes, you may be asked to provide documentation in order to determine if you are eligible for a Targeted EIDL Advance.
- Applicants that pass the initial eligibility requirements will also be required to electronically sign an IRS Form 4506-T.
- SBA will not be able to reconsider applications through an appeal process, so please make sure that your information is correct when submitting your application.
If you are eligible, you can apply here.
The above is an abbreviation of the SBA notice. Click here to read the notice in it's entirety and here for answers to frequently asked questions.
