SBA Launches New Round of Supplemental EIDL Assistance
The Supplemental Targeted Advance program is the SBA’s latest relief assistance for small businesses hardest hit by COVID-19.
WASHINGTON, D.C. — The U.S. Small Business Administration (SBA) on Thursday launched a new round of Economic Injury Disaster Loan (EIDL) assistance.
The new funding will provide $5 billion in additional assistance to one million small businesses and nonprofit organizations that have been most severely affected by the economic effects of the coronavirus pandemic.
The Supplemental Targeted Advance program is the latest SBA relief program to launch as part of the $1.9 trillion American Rescue Plan Act signed by President Joe Biden on March 11.
“Many of our nation’s small businesses are still struggling to recover from the economic impact of the COVID-19 pandemic, and we’ve found that the smallest businesses — the majority of which are minority-owned — are hurting the most. The SBA’s Supplemental Targeted Advance program aims to reach those businesses with 10 employees or less who need our help today,” states SBA Administrator Isabella Casillas Guzman.
She continues, “The Supplemental Targeted Advance funds will help us make sure that no small business falls through the cracks or gets left behind. This program is a crucial part of our efforts to bring businesses back, create jobs and build an equitable economy for everyone.”
The additional relief to the smallest and hardest hit businesses is said to build on Guzman’s April 6 action to significantly increase the maximum loan amounts for COVID-19 EIDL assistance from six months of working capital with a maximum of $150,000 up to 24 months of working capital and a maximum of $500,000.
SBA also announced on March 12 that the agency would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to provide more time for businesses to build back.
The SBA modified the Targeted EIDL Advance application process as of Thursday to determine if businesses also qualify for the additional $5,000 Supplemental Targeted Advance. SBA will contact eligible businesses to apply and applications will be processed on a first-come, first-served basis.
To qualify for the Supplemental Targeted Advance, an eligible business entity must be in a low-income community, suffered greater than 50% economic loss and have 10 or fewer employees.
For additional information about the Targeted EIDL Advance and Supplemental Targeted Advance program, go here.
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