On April 22, 2021 the U.S. Small Business Administration (“SBA”) launched a new round of Economic Injury Disaster Loan (“EIDL”) assistance: Supplemental Targeted Advances. You can read the SBA’s April 23, 2021 press release here.
The Supplemental Targeted Advance program is expected to provide up to 1 million qualifying small businesses and nonprofit organizations with a supplemental payment of $5,000. This $5,000 should not need to be repaid.
Qualifying small businesses (1) must be located in a low-income community, (2) must be able to prove more than a 50% economic loss during an eight-week period beginning on March 2, 2020, or later, and (c) must have 10 or fewer employees.
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.
To learn more about the Supplemental Targeted Advance program, visit SBA.gov/eidl.