Additional funding was made available for the Economic Injury Disaster Loan (EIDL) Advance program with the Economic Aid Act signed into law on December 27th. However, with this round, the grants will be targeted to specific applicants. At this time, there is no application to apply for the grant advance, the SBA will be reaching out directly to those applicants that are eligible.
Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance of less than $10,000 or for those that applied but did not receive funds due to lack of available program funding. The SBA began reaching out to those applicants on February 1, 2021 that received partial EIDL grant funding last year with instructions to determine eligibility and submit documentation. All communications from the SBA will be sent from an official government email with an @sba.gov ending. Please verify the email address of the recipient before sending documentation.
Applicants will qualify for additional funding if:
- They are located in a low-income community. A mapping tool is available at https://sbaeidl.policymap.com/newmaps#/ to help determine if your business address will meet eligibility requirements.
- They can prove more than 30% reduction in revenue during an 8-week period starting March 2, 2020 or later. Applicants that meet the low-income community requirement will be asked to provide gross monthly revenue to confirm the reduction.
- They have 300 or fewer employees.
You will only be able to apply for this funding if you are contacted by the SBA. This funding is a grant and there will not be any repayment requirements. The SBA has noted that the contact process may take a number of weeks to reach out to all eligible applicants, so if you have not been contacted yet, you may still be in the upcoming weeks.
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