The Small Business Administration will open its $25 billion Targeted Economic Injury Disaster Loan Advance grant program to millions more small businesses in the coming days.
SBA Administrator Isabel Guzman announced that the dramatic expansion of the program could come early this month. Until recently, the Targeted EIDL Advance and the Supplemental Advance were by invitation only and open only to small businesses that applied for an EIDL.
The agency has already sent more than 500,000 emails to businesses that applied for an EIDL after Dec. 27, but soon it will throw open the doors to every small business that meets the eligibility criteria — namely being in a low-income area and having seen a significant drop in revenue over the course of Covid-19. Here is a mapping tool to determine if you’re located in a low-income area https://sbaeidl.policymap.com/newmaps#/. The webpage may take a few seconds to load.
Ms. Guzman said the application platform will be based on the same technology as the EIDL application in order to leverage existing technology, but the SBA is hoping to simplify the process to make it easier for small businesses. You must demonstrate loss of revenues as well as provide basic information on eligibility.
The move to open the grant program more broadly comes after its lackluster launch in February. Since then, the SBA has doled out $1.2 billion in 141,840 grants for its targeted advance program and another $413 million across 82,742 grants for its follow-up supplemental targeted advance, just a fraction of the billions allocated to the program by Congress.
The SBA has also rolled out a way for small-business owners who have been denied the grant to appeal the decision.
The Targeted EIDL Advance is up to $10,000 and the Supplemental Advance is up to $5,000. We will keep you updated on these and other relevant matters.