The Targeted EIDL Advance was created under the December 2020 Consolidated Appropriations Act to provide support businesses most heavily impacted by the COVID-19 pandemic. The Advance is limited to:
- small businesses in low-income communities that suffered a substantial economic loss; defined as 30% or more, due to the pandemic;
- may not have received advance funds previously;
- if previously received an EIDL Advance, but did not receive the full $10,000, eligble to request up to the full $10,000.
The American Rescue Plan, signed into law on March 11, 2021, includes $10 billion in funding for Targeted EIDL Advances and an additional $5 billion to fund $5,000 supplemental grants for businesses with ten or fewer employees that suffered an economic impact of at least 50%. The supplemental grants are limited to entities eligible for the Targeted EIDL Advance.
If you think your company might be eligible for the Targeted EIDL Advance, please act quickly. Some applications require corporate documents and a prompt turnaround. If you have general questions about EIDL or other federal loan programs, Rosenblatt Law Firm may be able to help.