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Small Business Administration

February 2021 Targeted EIDl Advance Information

The SBA is launching a new round of Economic Injury Disaster Loan (EIDL) Advances – called Targeted EIDL Advance – which 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, and you meet the Targeted EIDL Advance eligibility requirements, 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.

Please review the eligibility criteria and application instructions below carefully before you proceed to the application portal for the Targeted EIDL Advance.

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

-Located in a low-income community, as defined in section 45D(e) of the Internal Revenue Code. SBA will map your business property 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.

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Invitation to Submit COVID-19 Targeted EIDL Advance Application

The SBA is launching a new round of Economic Injury Disaster Loan (EIDL) Advances – called Targeted EIDL Advance – which 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, and you meet the Targeted EIDL Advance eligibility requirements, 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.

Please review the eligibility criteria and application instructions below carefully before you proceed to the application portal for the Targeted EIDL Advance.

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

-Located in a low-income community, as defined in section 45D(e) of the Internal Revenue Code. SBA will map your business property 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.

We recommend that you have a copy of your 2019 Federal Tax Return on hand to assist you in completing the Targeted EIDL Advance application questions. 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 allowing SBA to obtain tax transcripts directly from the IRS before we can approve your request for the Targeted EIDL Advance.

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SBA Helps Women – Owned Businesses Thrive

The SBA is amping up its efforts to support women entrepreneurs in launching new businesses and competing in the marketplace. Connect with the following training and funding opportunities specifically for women:

Office of Women’s Business Ownership (OWBO)

The Office of Women’s Business Ownership helps women entrepreneurs through programs coordinated by SBA district offices. Programs include business training, counseling, federal contracts, and access to credit and capital. The OWBO oversees Women’s Business Centers (WBCs). These centers seek to level the playing field for all women entrepreneurs who still face unique obstacles in the business world.

Businesses receiving assistance from WBCs see a significantly better success rate than those without similar support. Find your nearest center.

Funding for Women-Owned Small Businesses

The 8(a) Business Development program helps small, disadvantaged businesses compete in the marketplace. Check with WBCs and local assistance resources for guidance, and our Lender Match tool for finding capital. Women-owned small businesses can also take advantage of SBA loan programs. Our partners offer advice and counseling to help choose the right path for your company.

Women-Owned Small Businesses (WOSB) Federal Contracting program

This program helps women-owned small businesses compete for federal contracts. Understand the eligibility requirements before applying. The SBA also works with federal agencies to increase contracting opportunities and achieve the government’s five-percent contracting goal for women-owned small businesses. Keep an eye out for matchmaking events targeting both the federal and private procurement.

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Important Updates From The Small Business Administration On Loan Programs

In a recent update from the U.S. Small Business Administration, the Chamber has learned the status of specific loan and grant programs and has outlined them below. Please contact our offices for more information or assistance.

If a business has not applied for the Economic Injury Disaster Loan (EIDL), they should do so quickly. While the EIDL “advance” has allocated all of its funds, the EIDL loan is still available. The “advance” was the grant of up to $10,000.

The Paycheck Protection Program (PPP) has been extended to August 8th and there is over $100 billion still available.

CARES Act debt relief is available through September 27th. Click here for an informational flier.

Requesting non-disaster loans is still an option. Keep in mind that debt service on the disaster loans will need to be included and covered as part of a bank’s review.

EIDL loans over $25,000 were secured by business assets. Therefore, the potential borrower will need to address that with the SBA if approved for future loans by a bank.

EIDL Loan eligibility determination and the next steps for requesting an increase.

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