SBA Launches Supplemental Targeted Advance for Small Businesses Hardest Hit by COVID-19

U.S. Small Business Administration

WASHINGTON, D.C. — The U.S. Small Business Administration launched a new round of Economic Injury Disaster Loan (EIDL) assistance – called Supplemental Targeted Advances – on April 22, 2021, that will provide $5 billion in additional assistance to 1 million small businesses and nonprofit organizations that have been most severely affected by the economic effects of the COVID-19 pandemic. The Supplemental Targeted Advance program is the latest SBA relief program to launch as part of the American Rescue Plan Act on March 11, 2021.

“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,” said SBA Administrator Isabella Casillas Guzman. “The Supplemental Targeted Advance funds will help us make sure that no small 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.”

READ:  FDA Authorizes Pfizer-BioNTech COVID-19 Vaccine for Emergency Use in Adolescents

SBA states this additional relief to the smallest and hardest hit businesses builds on Administrator Guzman’s April 6 action to significantly increase the maximum loan amounts for COVID-19 EIDL assistance from 6 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.

Effective April 22, the SBA modified the Targeted EIDL Advance application process to determine if businesses also qualify for the additional $5,000 Supplemental Targeted Advance.  SBA will contact eligible business entities 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 percent economic loss, and have 10 or fewer employees.

READ:  Department of Energy Welcomes New Biden-Harris Appointees

For details about the Targeted EIDL Advance and Supplemental Targeted Advance program, please visit SBA.gov/eidl. Eligible entities can email questions about the SBA Targeted EIDL Advance and Supplemental Targeted Advance to [email protected], COVID-19 EIDL disaster loan payment questions to [email protected], and contact SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).

Thanks for visiting! MyChesCo brings reliable information and resources to Chester County, Pennsylvania. Please consider supporting us in our efforts. Your generous donation will help us continue this work and keep it free of charge. Show your support today by clicking here and becoming a patron.

Disclosure: This site contains affiliate links to products, identified by the Affiliate Disclosure icon. MyChesCo may receive a commission for purchases made through these links.

Buy Us a Cup of Coffee
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments