EIDL
New EIDL is granted by SBA | News By The Continent Times

The SBA is launching a new round of Economic Injury Disaster Loan (EIDL) Advances – called the Targeted EIDL Advance and Supplemental Targeted Advance. The Targeted EIDL Advance provides eligible businesses with $10,000 in total grant assistance. If you received the EIDL Advance last year in an amount less than $10,000, you may be eligible to receive the difference up to the full $10,000. The combined amount of the Targeted EIDL Advance and any previously received Advance will not exceed $10,000.

The Supplemental Targeted Advance provides the smallest and hardest hit eligible businesses with a supplemental payment of $5,000. Even if you have previously received the original EIDL Advance in the full amount of $10,000, you may be eligible for the Supplemental Targeted Advance if you meet eligibility criteria. 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. 

Important: Please review the eligibility criteria and application instructions below carefully before you proceed to the application portal for the Targeted Advance. The eligibility criteria for the Targeted EIDL Advance and the Supplemental Targeted Advance are slightly different.

Businesses eligible for the Targeted EIDL Advance must meet ALL the following eligibility criteria

  • Located in a low-income community, as defined in section 45D(e) of the Internal Revenue Code. The SBA will map your business address to determine if you are in a low-income community when you submit your Targeted EIDL Advance application. 
  • Suffered economic loss greater than 30 percent, 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. 
  • Must have 300 or fewer employees. Business entities normally eligible for the EIDL program are eligible, including sole proprietors, independent contractors, and private, nonprofit organizations. However, agricultural enterprises, such as farmers and ranchers, are not eligible to receive the Targeted EIDL Advance or the Supplemental Targeted Advance.

Businesses eligible for the Supplemental Targeted Advance of $5,000 must also meet ALL the following eligibility criteria:

  • Located in a low-income community, as defined in section 45D(e) of the Internal Revenue Code. The SBA will map your business address to determine if you are in a low-income community when you submit your Targeted EIDL Advance application. 
  • Suffered economic loss greater than 50 percent, 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. 
  • Must have 10 or fewer employees. Business entities normally eligible for the EIDL program are eligible, including sole proprietors, independent contractors, and private, nonprofit organizations. However, agricultural enterprises, such as farmers and ranchers, are not eligible to receive the Targeted EIDL Advance or the Supplemental Targeted Advance.