Targeted EIDL Advance
The Targeted EIDL Advance provides funds of up to $10,000 that does not have to be repaid. A Targeted EIDL Advance covers working capital needs and normal operating expenses, including rent and utilities.
To qualify for a Targeted EIDL Advance, a business must:
- Be located in a low-income area;
- Have suffered a reduction in revenue greater than 30% over an 8-week period beginning on March 2, 2020, or later;
- and have 300 employees or less.
Supplemental Targeted Advance
The Supplemental Targeted Advance provides additional funds up to $5,000, which does not have to be repaid. To be considered for the Supplemental Targeted Advance, a business must have applied or apply for the Targeted EIDL Advance. Like the Targeted EIDL Advance, the Supplemental Targeted Advance covers working capital needs and normal operating expenses.
To qualify for a Supplemental Targeted Advance, a business must:
- Be in a low-income area;
- Have suffered more than a 50% economic loss over an 8-week period beginning on March 2, 2020, or later, compared to the same period in the prior year; and
- Have 10 employees or less.
All businesses meeting the above eligibility criteria, including sole proprietors, independent contractors, and private nonprofit organizations are eligible for the EIDL program. However, agricultural businesses like farmers and ranchers, are not eligible for these EIDL grants.
The maximum aggregate amount a business can receive for both the Targeted EIDL Advance and Supplemental Targeted Advance is $15,000.
For further questions regarding the Targeted EIDL Advance and the Supplemental Targeted Advance, small businesses can refer to this SBA FAQ.
June 28, 2021