SBA Targeted EIDL Advance and the Supplemental Targeted Advance
As small businesses all across the country attempt to reopen and recover from the pandemic, the SBA has expanded its reach in the form of an Targeted EIDL Advance and a Supplemental Targeted Advance.
The first thing to know is, if the business did not apply for the EIDL advance in 2020, the business is not a candidate for either the EIDL Targeted Advance or the EIDL Supplemental Targeted Advance.
If the business did apply for the EIDL before December 27, 2020, then it is a candidate to potentially receive the Target Advance and/or the Supplemental Advance. Each requires that the SBA send an email inviting the business owner to apply for these programs.
In addition, both also require the business to be located in a low income community. The SBA has set up a web-based mapping tool to help determine whether the business is in one of the required low income communities or not. If it is, the EIDL Targeted Advance is for those businesses that have 300 or less employees and have at least a 30% drop in gross receipts in any 8-week period.
To qualify for the EIDL Supplemental Targeted Advance, the business first has to be eligible for the EIDL Targeted Advance. It is also by invitation only via email from the SBA. In addition to needing to be located in a low income community, gross receipts must be down 50% in any 8-week period and only applies to businesses that have 10 or less employees.
You can find out more FAQ’s about these SBA programs HERE