CCRTech Podcast

SBA to open up $25B EIDL Advance cash grant program to more small businesses

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Has the pandemic impacted your business? Todays podcast will give you resources from SBA.gov to qualift for the Targeted EIDL Advance cash grant program. SBA Administrator Isabella Casillas Guzman said the agency was working to improve outreach for the program, and one result will be a large increase in the number of eligible businesses starting in early June 2021. Go to https://www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan and find the Targeted EIDL Advance section. 

Steps to qualify:

Applicants may qualify if they:

  • Are in a low-income community. To help applicants determine if they are in a low-income community as defined in section 45D(e) of the Internal Revenue Code, a mapping tool is available at https://sbaeidl.policymap.com/app. The business address must be in a low-income community to qualify so SBA encourages potential applicants to check the map to see if they meet the low-income community eligibility requirement before they apply; and
  • Can demonstrate more than 30% reduction in revenue during an eight-week period beginning on March 2, 2020, or later. If an applicant meets the low-income community criteria, they will be asked to provide gross monthly revenue (all forms of combined monthly earnings received, such as profits or salaries) to confirm the 30% reduction.

    • Next, SBA is reaching out to those who applied for EIDL assistance on or before December 27, 2020, but did not receive an EIDL Advance due to lack of program funding. These applicants will receive an email from SBA with instructions to determine eligibility and submit documentation. Applicants may qualify for a Targeted EIDL Advance if they meet the low-income location and reduction-in-revenue criteria, and:

    • Have 300 or fewer employees. Business entities normally eligible for the EIDL program are eligible, including sole proprietors, independent contractors, and private, nonprofit organizations. Agricultural enterprises are not eligible.

      • All applicants may be asked to provide an IRS Form 4506-T to allow SBA to request tax return information on the applicant's behalf.

      Please do not submit duplicate COVID-19 EIDL applications. Only prior applicants will be considered for the Targeted EIDL Advance.

      SBA will reach out if you qualify.

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      CCRTech PodcastBy David A Barrett